TechFlow news — According to the China Procuratorial Network on November 23, Jiang, a resident of Bengbu City, Anhui Province, was sentenced to three years and one month in prison and fined RMB 20,000 for using USDT to help transfer illicit funds, constituting the crime of concealing or disguising criminal proceeds.
Between April 27 and April 29, 2020, victim Xiong was defrauded of a total of RMB 1,243,889 through WeChat under the guise of foreign exchange investment. It was found that RMB 134,541.55 of the defrauded money was transferred via corporate bank accounts of Shanxi ** Trading Co., Ltd. and Xinxiang City ** Graphic Design Co., Ltd. into an online banking account controlled by defendant Jiang Bin, who used it to purchase USDT tokens.
Despite knowing that the funds transferred into accounts under his control might be derived from illegal activities, Jiang assisted in transferring the illicit funds by purchasing cryptocurrencies on the Huobi and OKEx platforms.
The Chengxiang District People's Court of Putian City held that defendant Jiang Bin knowingly helped transfer criminal proceeds amounting to RMB 134,541.55, which constitutes a serious case. His actions violated Article 312 of the Criminal Law of the People's Republic of China, with clear facts and sufficient evidence. He shall be held criminally liable for the offense of concealing or disguising criminal proceeds. Given that defendant Jiang Bin pleaded guilty and accepted punishment, pursuant to Article 15 of the Criminal Procedure Law of the People's Republic of China, leniency may be granted. The court recommended sentencing Jiang Bin to three years and one month in prison and imposing a fine of RMB 20,000.
