TechFlow news: On December 18, according to information from China National Radio, the Economic Crime Investigation Detachment of Tiandong District Public Security Bureau in Siping City, Jilin Province cracked a money laundering case involving the use of the virtual currency USDT to help financial fraud criminals transfer illicit funds. During the investigation of a financial fraud crime, by tracing fund flows and digging deeper into clues, authorities successfully dismantled the criminal gang, which had clear internal divisions of labor and used various methods to evade detection.
According to investigations, suspects Liu Mou, together with Zhao Mou, Wang Mou, and others, between December 2023 and May 2024, fully aware that the buyers' funds originated from financial fraud crimes, sought illegal profits by first deceiving others into providing their bank accounts under the pretense of needing to "create transaction records to prove repayment capability" for loan applications. These obtained bank accounts were then used to receive proceeds from financial fraud. The suspects then instructed individuals to withdraw cash from banks and hand over all funds to Liu Mou, who passed the cash to Zhao Mou and Wang Mou. Zhao and Wang deposited the cash into their own bank accounts and used cryptocurrency trading platforms to buy and sell USDT at manipulated prices—buying low and selling high—to launder money for the financial fraud syndicate, earning over 100,000 yuan in illegal gains.
Currently, members of this money laundering gang have been subjected to criminal compulsory measures by public security authorities, and the case is under further investigation.
