The People’s Bank of China and public security authorities dismantled multiple underground banking operations using virtual currencies to launder money, CCTV Finance reported. The groups allegedly used “free credit card repayment” offers to recruit agents across several provinces and obtain identity and credit card information from individuals. Authorities said the networks helped overseas online gambling and telecom fraud groups move funds through fabricated consumer transactions before crypto dealers converted the money into virtual currencies and sent it to designated addresses abroad. The central bank’s Digital Currency Research Institute used large models and on-chain analysis tools to identify nearly 1,000 related accounts, helping police raid more than 10 laundering and fund-running sites, seize about 130 million yuan in illegal proceeds, and secure prison sentences for multiple members on charges including illegal business operations.