### Gansu Yongchang Court strikes hard to crack down on virtual currency fraud
Hello everyone, today we are going to talk about a big blockchain news that happened in Gansu. Recently, Gansu Yongchang Court made judgments on two cases involving fraud. Ten defendants were sentenced to fixed-term imprisonment of ten months to one year for assisting information network criminal activities, and more than 1.19 million yuan of illegal income was recovered.
The protagonist of this case, Shen Moumou, really took great pains to make illegal profits. He not only raised funds to purchase computers, IoT cards and other equipment, but also lured Li Mou, Chen Mou and other four people to join the gang, and even rented houses in Hefei, Anhui and other places to set up a USDT (Tether) trading studio. What's more interesting is that they formed an illegal over-the-counter trading group through Telegram software, and made profits by selling at a low price and selling at a high price.
In this process, Shen Moumou and others knew that the U coins they received came from black and gray industries such as online gambling and telecommunications fraud, but still helped fraud criminals to make payments and settlements between Tether and RMB at a "high exchange rate" price. Shen also contacted downstream "currency traders" such as Li and others to settle payments through Alipay, WeChat transfers, and cash deposits.
As of the time of the incident, the defendants involved in the case had made a total profit of more than 880,000 yuan, and the victims involved more than 10 residents of Chengguan Town, Yongchang County, including Meng, and the amount of fraud was as high as more than 5.9 million yuan. All these funds were transferred to accounts related to Tether transactions used by Shen and others.
The court held that Shen and others used virtual currency transactions to help telecommunications network fraudsters transfer funds, which has deviated from the simple virtual currency business behavior. Such behavior should be included in the key links of the whole chain to combat telecommunications network fraud crimes, and the criminals involved should be severely punished.
This case not only reveals the potential risks in virtual currency transactions, but also reminds us to be vigilant when participating in virtual currency investment. Although blockchain technology and virtual currency have broad prospects, the legal and moral risks cannot be ignored.
Friends, what do you think of this case? How do you think the supervision of virtual currency transactions should be strengthened? Welcome to share your thoughts in the comment section and let’s discuss it together!😊
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I hope this news flash can bring some inspiration to everyone, and I also look forward to everyone's active comments in the comment area to discuss the future development of blockchain and virtual currency.
