2.95 Billion Yuan Online Gambling Case Exposed, Multiple Individuals Sentenced for Settling USDT and Other Virtual Currencies via Four-Party Payment Platform

TechFlow news, July 25, according to The Paper, the Inner Mongolia Autonomous Region Xilin Gol League Intermediate People's Court issued a second-instance judgment maintaining the original verdict in the case involving Ma suspected of the crime of illegal business operations. This is one of a series of cases where four-party payment platforms provided fund payment and settlement services for gambling platforms. In this case, some defendants were accused of receiving commissions or rebates in the form of virtual currencies such as USDT. Upon investigation, between May 24, 2022 and October 18, 2023, Ma and four others used third-party payment accounts to collect and pay illegal funds on behalf of others, and utilized settlement methods such as receiving USDT virtual currency via virtual wallets and bank card collections. Through 105 merchants across 10 third-party payment companies, the settlement amount exceeded 2.95 billion yuan. The court ultimately determined that Ma committed the crime of illegal business operations, sentencing him to four years and six months in prison and imposing a fine of 3 million yuan. The 5 individuals who were subsequently brought to justice were sentenced by the court to prison terms ranging from 3 to 6 years for the crime of illegal business operations.