Gansu, China: 'U Business' sentenced for facilitating criminal activities involving USDT, and illegal gains confiscated!
According to the official account of the Intermediate People's Court of Jinchang City, recently, the Yongchang Court in Gansu, China, ruled on two cases involving electronic fraud, sentencing ten defendants to imprisonment ranging from ten months to one year for the crime of assisting criminal activities in the information network, and actually confiscating 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 four people including Li and Chen into the scheme, and additionally recruited more than ten others to successively rent houses in places like Hefei, Anhui, to establish USDT (Tether) trading studios, and formed illegal off-exchange trading groups via the Telegram app, profiting by buying low and selling high.
During this period, the five individuals repeatedly took risks, knowingly helping electronic fraud criminals facilitate payments in USDT and RMB at high exchange rates despite being aware that the U coins received were sourced from online gambling and electronic fraud. At the same time, Shen also contacted downstream currency traders like Li and others 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 broke, the defendants had collectively profited over 880,000 yuan, with more than ten victims, including residents like Meng from Chengguan Town in Yongchang County, defrauded of over 5.9 million yuan while participating in virtual currency investments and online order brushing, with the funds all transferred into accounts related to USDT trading used by Shen and others.
The court found that in this case, Shen and others used virtual currency trading activities to help telecom network fraudsters transfer funds, which has detached from purely virtual currency operational activities. Such behavior should be included in the key link of the full-chain crackdown on telecom network fraud crimes, and the involved criminals should be punished.
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