TechFlow news, on January 22, according to the Jingmen Intermediate People's Court, recently police in Luotian, Huanggang, Hubei cracked a telecom network fraud gang that used offline cash withdrawals and cryptocurrency to launder money, arresting six suspects. The gang collected fraud proceeds through "cash withdrawal crews," which were then converted into USDT by "U-coin exchangers" and transferred to overseas fraudsters, forming a complete money laundering chain.
Investigations revealed that the gang conducted 28 cash withdrawals of telecom fraud funds around Wuhan, involving over 1 million yuan in total. Currently, the ringleader Liu has been criminally detained on suspicion of illegally using information networks, while other members have been criminally detained on suspicion of concealing or disguising criminal proceeds.
