TechFlow news, on October 15, according to Enshi Cyber Police, Fuzhou police successfully dismantled a criminal gang that used virtual currency to provide fund transfer and payment services for black- and gray-market industries, arresting 11 suspects led by Pan Moumou. The case involved a significant amount of money, drawing high attention from law enforcement authorities. It is reported that the criminal gang operated a fourth-party payment platform, using stablecoins to provide fund transfers and payment settlement services for illegal futures platforms and other black- and gray-market operations, earning commissions in return.
After detecting relevant leads during routine work, Fuzhou police swiftly established a special task force to launch an investigation. Through meticulous detective work, the police organized a coordinated crackdown operation in July 2024, simultaneously raiding multiple locations and completely dismantling the criminal gang. Currently, Pan Moumou and the other 11 suspects have been placed under criminal compulsory measures in accordance with the law, and the case is undergoing further investigation. The successful resolution of this case demonstrates law enforcement's determination to crack down on illegal financial activities involving virtual currencies.
