According to Deep Tide TechFlow news on December 18, the Economic Investigation Team of the Public Security Bureau of Tiedong District, Siping City, Jilin Province, China, successfully cracked a money laundering case involving a gang that helped financial fraud criminals transfer stolen funds using virtual currency USDT during the investigation of a financial fraud crime by sorting out the flow of funds and digging deep into clues. The criminal gang had clear divisions of labor and used various means to evade detection during the commission of the crime.
According to the investigation: The criminal suspect Liu, in collusion with Zhao, Wang, and others, during the period from December 2023 to May 2024, knowing that the buyer's funds were proceeds from financial fraud, in order to profit from it, Liu first deceived others by claiming to help them apply for loans that required using someone else's bank account to prove repayment ability. Then, Liu used the deceived bank accounts to receive funds from financial fraud, subsequently instructing the parties involved to withdraw cash from the bank and hand it all over to Liu, who then transferred it to Zhao and Wang, who deposited the cash into their respective bank accounts. The two helped the financial fraud criminal gang launder money through buying low and selling high in USDT on the 'Huobi' platform, profiting from it. The gang has laundered profits exceeding 100,000 yuan in total.
Currently, members of this money laundering criminal gang have been subject to criminal coercive measures by the public security organs, and the case is under further investigation.
