Chinese Jilin Court Rules on Virtual Currency Money Laundering Case, Involving Funds Exceeding 780,000 Yuan

BlockBeats News, September 21st. According to the People's Court Daily, the People's Court of Longjing City, Jilin Province, China recently tried a case of concealing and disguising the proceeds of crime. Four defendants purchased gold for upstream telecom fraudsters, cashed it out, transferred the proceeds through illegal cryptocurrency platforms, and helped launder the ill-gotten gains.

It is reported that the amount involved in the defendants' transactions exceeded RMB 789,000, with the confirmed fraud-related funds totaling over RMB 452,000. The court ultimately sentenced the defendants to imprisonment ranging from two years to one year and imposed fines ranging from RMB 10,000 to 20,000.