On October 24, the Chongqing court concluded a money laundering case involving more than 2.25 billion yuan in digital currency

2023-11-02 10:04:01

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ChainCatcher news, the Chongqing Tongliang Court concluded a case on October 24 involving the transfer of funds to overseas criminals, with an amount exceeding 2.25 billion yuan and 21 individuals sentenced. The defendants received USDT converted from the proceeds of crimes such as online fraud and online gambling committed by upstream criminals through offline BitPay wallets and other means, and then sold it on virtual currency trading platforms.

It is reported that by fabricating excuses such as withdrawing project funds and migrant workers' wages, the gang members organized to withdraw cash at bank counters in multiple provinces and cities including Chongqing, Sichuan, and Shanghai, delivering the cash to designated recipients specified by the upstream. Each cash delivery ranged from 10 million to several tens of millions of yuan. By the time the case was uncovered, Jiang and others had transferred a total of over 2.25 billion yuan to overseas individuals in this manner, with total profits exceeding 22.62 million yuan.

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