Gansu, China: 'U Business' sentenced for involvement in black and gray market USDT transactions, found guilty of aiding and abetting crimes and ordered to return illegal gains!
According to the official account of the Jinchang Intermediate People's Court, recently, the Yongchang Court in Gansu, China, sentenced two cases related to telecom fraud, imposing prison terms ranging from ten months to one year on ten defendants for aiding information network crime activities, and successfully recovering illegal gains of over 1.19 million yuan.
Reports indicate that since 2022, a certain Shen, for illegal profit, raised funds to purchase computers, IoT cards, and other equipment, recruited Li, Chen, and four others, and additionally recruited more than ten individuals to lease houses in places like Hefei, Anhui to establish USDT (Tether) trading studios, and formed illegal over-the-counter trading groups via Telegram, profiting by buying low and selling high.
During this period, five individuals repeatedly took risks, knowing that the U coins they received originated from online gambling, telecom fraud, and other black and gray market activities, yet still assisted telecom fraud criminals in making payments between Tether and Renminbi at high exchange rates. At the same time, Shen contacted downstream coin merchants like Li to settle payments according to the payment methods specified by upstream criminals, using methods such as Alipay, WeChat transfers, and cash deposits.
By the time the case was exposed, the involved defendants had garnered over 880,000 yuan in profit, including funds of over 5.9 million yuan from more than ten victims, including residents like Meng from Chengguan Town, Yongchang County, who were defrauded while participating in virtual currency investments and online order brushing. The funds were all transferred to accounts related to Tether trading used by Shen and others.
The court found that in this case, Shen and others utilized virtual currency trading activities to assist telecom network fraudsters in transferring funds, which has moved beyond mere virtual currency business conduct. Such actions should be included as a key link in the comprehensive crackdown on telecom network fraud and illegal criminal activities, and the involved criminals should be punished.
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