Shanghai police have cracked a money laundering gang involving virtual coins, with 11 suspects arrested.

According to the Gate.io News bot, as reported by Guangming.com, the Shanghai Pudong police successfully solved a case involving money laundering through virtual coin wallets. The gang disguised their activities under the pretense of "recruitment" and assisted fraudsters in money laundering by signing up for virtual coin wallets. The case began when Mr. Tang from Shanghai clicked on a phishing link in a "cash on delivery" SMS and filled out his bank card information, resulting in a total loss of over one million yuan.

Pudong police successfully arrested 11 criminal suspects from April 22 to 23 after an investigation. Among them, the main suspects Miao and Wang have been subjected to criminal detention, while 5 other individuals involved in the case have been taken under criminal coercive measures for suspected concealment and hiding of criminal proceeds. Currently, the police have successfully frozen part of the involved funds, and the case is under further investigation.