Four men have been sentenced to fixed-term imprisonment by the Dong'an County People's Court for suspected money laundering using USDT virtual currency, ranging from one to four years, and are required to pay a fine of RMB 4,000 to 40,000. The trial of the case revealed that in order to obtain improper benefits, Guo contacted the criminal gang through the international communication tool Telegram and assisted them in illegal fund transfer. After his own bank card was frozen due to fraud, Guo induced three other people to join in, jointly purchasing and using other people's bank cards to receive the proceeds of the fraud, and then transferred the funds back to the online by purchasing USDT virtual currency.
After investigation, a criminal gang illegally purchased 44 bank cards in Yongzhou Dong'an, Changsha, Chenzhou and Dongguan, Guangdong, involving a capital flow of up to 860,000 yuan. The gang was suspected of being involved in 33 telecommunications network fraud cases, causing victims to lose more than 550,000 yuan.
The court's ruling: After trial, the Dong'an County People's Court determined that the actions of Guo, Chen and the other two defendants involved in the case had violated the law and constituted the crime of concealing and hiding the proceeds of crime. Therefore, the court sentenced the four defendants to fixed-term imprisonment ranging from one to four years and imposed fines ranging from 4,000 to 40,000 yuan.
