The Putian Hanjing Court ruled on a case related to virtual currency crimes, with the involved bank account transactions exceeding 13.3 billion yuan

ChainCatcher news, according to Putian News, the People's Procuratorate of Hanjing District, Putian City, Fujian Province, has strengthened the foundation of evidence through proactive intervention, penetrated the review to break the data dilemma, and empowered technology to breach the zero-confession defense line in three dimensions, accurately targeting new types of crime along the entire chain. In the first half of this year, the Hanjing District People's Court ruled on a virtual currency-related criminal case initiated by the procuratorate.

Individuals including Yan, Zheng, and Lin used the virtual currency USDT (Tether) to establish an underground foreign exchange trading network, soliciting clients through overseas chat software, and illegally exchanging RMB and foreign currencies using "U coins" as a medium, with the involved bank account transactions exceeding 13.3 billion yuan. It was verified that the amount of illegal foreign exchange trading was 25.62 million yuan. The gang also withdrew cash exceeding 478 million yuan from banks in multiple locations in Fujian, purchased "U coins," and transferred them to upstream criminal wallets to "launder" cross-border criminal funds, profiting from the price difference. Ultimately, the court sentenced Yan, Zheng, Lin, and 12 others to fixed-term imprisonment ranging from 8 months to 3 years for the crimes of illegal business operations and assisting information network criminal activities, along with fines.