Chongqing concludes a virtual currency money laundering case involving more than 2.25 billion yuan

On November 2nd, it was reported that the Tongliang Court in Chongqing had concluded a case on October 24th involving the transfer of funds to overseas criminals, with a total amount of over 2.25 billion yuan and 21 people sentenced. It is reported that the defendants collected USDT converted from criminal proceeds of online fraud and online gambling from upstream criminals through offline payment wallets such as Bitpie, and then sold them on virtual currency trading platforms. By fabricating engineering and labor wages, the members of the organization went to bank counters in various provinces and cities such as Chongqing, Sichuan, and Shanghai to cash out and deliver cash to the designated objects of the upstream criminals. Each time, the amount of cash delivered ranged from tens of millions to hundreds of millions of yuan under the guise of engineering and labor wages. By the time of the case, Jiang and others had transferred a total of more than 2.25 billion yuan in this way to overseas personnel, with a cumulative profit of more than 22.62 million yuan. The Tongliang Court held that the defendants had cashed out RMB through virtual currency transactions and transferred funds, with a total amount of over 2.25 billion yuan, and their behavior should be held criminally responsible for disguising and concealing criminal proceeds and gains.