TechFlow, on December 20, according to Xinhua News Agency, the Shenyang Municipal Public Security Bureau of Liaoning Province successfully cracked the "illegal business operation case involving Tong Moumou and others." It was found that since 2017, Tong Moumou and others engaged in illegal foreign exchange trading activities in the United States. From January 2020 to June 2021, they illegally traded foreign exchange amounting to over 16 million RMB through a "matching" method.
In the case, Tong Moumou admitted that while running an auto dealership in the U.S., he met Mexican businessman JC, who proposed buying cryptocurrency from him with U.S. cash. Tong then instructed Chen Moumou to purchase Bitcoin, Tether, and other cryptocurrencies through various channels and sell them to JC for U.S. cash. According to confessions, exchanging currency for JC accounted for only part of their business, with main clients including international students, merchants, and gamblers.
In September 2025, Huanggu District People's Court in Shenyang sentenced Tong Moumou and Chen Moumou to one year and seven months, and one year and four months in prison respectively, for illegal business operations, along with fines. Police remind the public to use formal channels such as banks for foreign exchange transactions and never lend personal accounts to others.
