According to Deep Tide TechFlow news, on December 18th, during the investigation of a financial fraud case, the Economic Investigation Brigade of the Public Security Bureau of Tie Dong District, Siping City, Jilin Province, China successfully cracked a money laundering case involving the use of virtual currency USDT to help financial fraud criminals transfer illicit funds. This criminal gang had clear divisions of labor and employed various means to evade detection during the commission of their crimes.
Investigation revealed: Suspect Liu, in collusion with Zhao, Wang, and others, from December 2023 to May 2024, while knowing that the buyer's funds were derived from financial fraud, sought to profit from it. Liu first deceived others into providing their bank accounts under the pretense of helping them process loans to prove repayment ability. Then, the deceived bank accounts were used to receive funds obtained from financial fraud. Subsequently, Liu instructed the parties involved to withdraw cash from the bank and hand it all over to Liu, who then passed it to Zhao and Wang, who deposited the cash into their respective bank accounts. The two helped the financial fraud gang launder money through buying low and selling high on the 'Huobi' platform in the form of USDT, profiting from it. The gang has laundered over 100,000 yuan in total.
Currently, the members of this money laundering criminal gang have been subjected to criminal coercive measures by the public security organs, and the case is under further investigation.