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Reports from Chinese provincial law enforcement agencies appear to show that crypto crime is still on the up – despite a nationwide crackdown on crypto and mining exacted in September this year.

According to Xinmin, counterfeit currency-related crime is “declining significantly” in Shanghai, per officials speaking at a Songjiang Procuratorate press conference. However, the procuratorate claimed that criminal cases where perpetrators “make use of virtual currency as a criminal tool” are on the rise, incorporating new types of fraud and “causing larger losses to citizens.”

The procuratorate stated that all but one of the cases its currency fraud-related crimes unit had handled thus far this year had been linked to crypto in some form. It also gave details of a criminal case centering around an individual surnamed Song, the operator of what ostensibly appeared to be a thriving, medium-sized crypto exchange.

The “exchange,” the body continued, claimed to give customers the chance to buy bitcoin (BTC), ethereum (ETH) and major altcoins – but the exchange was merely a front for an elaborate scam that saw Song accrue over USD 103,000 worth of “illegal profits.” All “transactions” made on the platform, the body explained, were fabricated and fraudulent. Song and five others were charged with fraud, convicted and jailed for up to 10 years.

Another “similar” case, saw fraudsters raise over USD 156,000 from victims who thought…

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