Money launderers are copying the operations of giant whales? China has broken three cases! This crypto platform has become the focus of regulation
A big incident has occurred! Web3 security giant Mirror Tang (founder of Salus) has just dropped a bombshell: since March of this year, Chinese law enforcement has consecutively cracked three cases of money laundering using the crypto platform HyperLiquid!
How did this group operate? Their methods are quite "professional"—they focused on a feature of the HyperLiquid platform: ultra-high leverage makes it easy to get liquidated. The money laundering operation works like this: first, they crazily leverage up on HyperLiquid then deliberately get liquidated, meanwhile, they secretly place orders in the opposite direction on other centralized exchanges. The "losses" of dirty money on HyperLiquid quickly turn into clean profits elsewhere. Isn’t this money laundering? They seem to be quite adept at it!
But what’s most eye-opening is that Mirror Tang directly named: this money laundering operation is almost like a twin to the recent case of the "tragic whale" James Wynn, who lost 100 million dollars and caused a storm! Both involve high leverage, liquidation, and counter-ordering.
Thinking you can play money laundering by exploiting loopholes in the crypto world? Chinese law enforcement has already caught three groups in action, and the tactics have been thoroughly exposed, even copying the "whale" operations! Platforms should quickly secure their doors to prevent thieves, otherwise, the heavy hand of regulation could fall at any time, and no one will have it easy.
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