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The Dinghai Court in Zhoushan, China has concluded a case involving the use of cryptocurrency for committing the crime of assisting in fraudulent activities, with the amount involved exceeding 5 million RMB.

3 days ago

November 1st. Recently, the Dinghai Court in Zhoushan, Zhejiang Province, China has reached a conclusion in a case where cryptocurrency transactions were used to commit the crime of helping others in a trust scam. From October 2022 to August 2023, Huang, along with Yao, Guo, Yu, and nine other people, registered multiple "businesses" on an overseas cryptocurrency platform and made profits through stock dividends and arbitrage trading of Tether (USDT). They were aware that the upstream transactions might involve illegal activities but still received transfers from victims Gan and Wen and others through employee WeChat accounts. Then, they deposited USDT into designated accounts to assist in transferring funds related to online fraud and other crimes. During this period, each "business" frequently had WeChat accounts restricted or frozen on suspicion of fraud. Surprisingly, the involved individuals managed to unblock the accounts by creating false transaction screenshots and courier tracking numbers or by switching accounts to avoid supervision. After investigation, Huang and others were found to have assisted in transferring more than 5 million RMB of funds related to online crime settlements. Several defendants helped move funds ranging from tens of thousands to hundreds of thousands of RMB. On August 28, 2023, the ten defendants were arrested in Fuzhou and Putian, Fujian. Considering the roles of each defendant in the joint crime, the situation of returning embezzled funds, and their attitudes of confession, the Dinghai Court convicted Huang of the crime of assisting in online crime activities and sentenced him to two years and eleven months in prison and a fine of 50,000 RMB. Yao, Guo, and the other nine accomplices were sentenced to seven months to two years and three months in prison, all with probation and fines.

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