TechFlow news, on July 26, 2024, the People's Court of Liyang City, Jiangsu Province, issued a ruling on a virtual currency money laundering case. A man surnamed Wu, referred to as Xiao Wu, an unemployed individual, was sentenced to six months in prison with a one-year reprieve and fined RMB 2,000 for participating in virtual currency money laundering activities.
The case revealed that in November 2023, in order to repay credit card debts incurred during university from investing in foreign exchange and cryptocurrencies, Xiao Wu contacted a "money laundering company" via Telegram. He purchased U tokens on the "OKX" platform and then transferred and sold them through the "U-MATOU" app, profiting from the price difference. Despite being warned that this was illegal, Xiao Wu continued due to financial pressure.
On December 22, 2023, Liyang Public Security Bureau received a fraud report involving Xiao Wu’s bank card. Investigations showed that Xiao Wu’s bank account had 13 transactions totaling over RMB 25,000, with personal illegal gains exceeding RMB 5,000.
After his arrest, Xiao Wu expressed remorse, admitting that if not caught, he might have gone further down the criminal path.
