Fujian Hanjiang Court concludes a case involving illegal money laundering with USDT, with transaction volume exceeding 13.3 billion yuan
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Fujian Hanjiang Court concludes a case involving illegal money laundering with USDT, with transaction volume exceeding 13.3 billion yuan
According to Putian Net, the Hanjiang District People's Court in Fujian recently concluded a major criminal case related to virtual currency. The criminal gang used the stablecoin USDT to establish an underground foreign exchange trading network, recruited clients via overseas instant messaging apps, and conducted illegal RMB and foreign currency exchanges. The involved bank accounts recorded over 13.3 billion yuan in transaction volume, with verified illegal foreign exchange transactions amounting to 25.62 million yuan. The gang withdrew more than 478 million yuan in cash across multiple locations in Fujian Province to purchase USDT, then transferred the funds to upstream criminal wallets for cross-border money "laundering." The court ultimately convicted Yan Moumou and 14 other defendants of illegal business operations and aiding information network criminal activities, sentencing them to fixed-term imprisonment ranging from 8 months to 3 years, along with fines.
Navigating Web3 tides with focused insightsTechFlow, on September 5, according to Putian Net, the H涵jiang District People's Court in Fujian recently concluded a major criminal case related to virtual currency. The criminal gang used the stablecoin USDT to build an underground foreign exchange trading network, recruited customers through overseas instant messaging apps, and illegally exchanged RMB for foreign currencies. The involved bank accounts had transaction volumes exceeding 13.3 billion yuan, with verified illegal foreign exchange transactions amounting to 25.62 million yuan.
The gang withdrew over 478 million yuan in cash across multiple locations in Fujian Province to purchase USDT, transferring funds to upstream criminal wallets for cross-border money "laundering." The court ultimately sentenced Yan Moumou and 14 other defendants to fixed-term imprisonment ranging from 8 months to 3 years for illegal business operations and aiding information network criminal activities, along with fines.
