Huge numbers of crypto company executives detained by China police

Reportedly Chinese police detained huge numbers of people, which were working for crypto companies.

China is a crypto-hater country. In late 2021, the People Bank of China (PBoC) imposed a blanket ban on cryptocurrency-related activities in Mainland China and also ordered all Crypto companies to wind down any kind of crypto-related services from mainland China. 

As we know, huge numbers of successful crypto companies have been founded by Chinese crypto entrepreneurs and these founders are living in foreign countries e.g. Dubai, the US, Canada, etc. But huge numbers of employees for such companies are from China and they do their job wirelessly from their home country China.

On 5 Aug 2023, Chinese crypto blogger Colin Wu reported that Chinese police detained key people working for such Chinese crypto companies in China because of their connection with crypto fraud activities.

Allegedly the detained crypto companies executives helped the Chinese people to launder money in the form of cryptocurrencies. Allegedly they either received or sent the funds with the crypto addresses directly/indirectly linked with the corresponding crypto company, where these people are working.

According to some media reports in the present time bad actors are using cryptocurrencies for drug trading in the country and also some people are using in gambling activities.

Multichain Protocol CEO Arrests in China 

In May of this year, Multichain CEO Zhaojun was arrested by the Chinese police and a few weeks later his sister was detained by the Chinese authorities.

So far no one knows about them and also the Multichain Protocol team wind down the crypto operations, as the majority of the key iD & passwords are in the Multichain CEO’s hands and in this situation the Multichain CEO was not able to provide services perfectly.

Read also: Coinbase Exec confirms Coinbase will not take exit from the US crypto market