TechFlow reports that on October 21, the Yian County People's Court in Qiqihar City, Heilongjiang Province, publicly heard and ruled on a case involving USDT trading. The defendant Wang Moumou was sentenced to one year and eight months in prison for the crime of concealing and disguising proceeds of crime, along with a fine of RMB 15,000.
According to court investigations, in April 2024, Wang learned from a friend, Li Mou, that profits could be made by buying and selling USDT. Starting April 15, Wang began using Li’s account on the "U码头" (U Matou) app to trade USDT through a bidding-order system. Wang used a total of 14 bank cards under his own and other people's names to receive transaction funds, six of which were involved in receiving fraud-related funds amounting to RMB 564,000. Wang illegally profited approximately RMB 60,000, which he entirely spent.
At the initial stage of the incident, three bank cards used by Wang and his accomplice Zhang Mou were frozen by public security authorities due to suspected telecommunications network fraud. Nevertheless, Wang continued conducting USDT transactions on the "U码头" (U Matou) app and even registered his own account. The Yian County People's Court emphasized in its ruling that virtual currencies do not possess legal tender attributes and have increasingly become tools for criminals, particularly serving as a "black money channel" in money laundering offenses. The court warned the public not to break the law for petty gains.
