All defendants in gang that laundered crypto by disguising Moutai trades in China handed prison terms
Uk Jin
Summary
- It reported that eight members of a money-laundering ring in China’s Hunan Province, who used virtual assets and disguised the activity as Moutai trades, were all found guilty.
- It said seven received prison sentences of 2 to 6 years, while one was given a suspended sentence.
- It reported they laundered criminal proceeds—including funds obtained through voice phishing—totaling 6.84 million yuan by using virtual assets and sham Moutai trades.
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A group in China’s Hunan Province was caught laundering virtual assets (cryptocurrency) by posing as Moutai trades, and all were sentenced to prison terms.
According to Odaily on the 20th (Korea time), all eight defendants were found guilty in the first-instance trial held that day. Seven were sentenced to 2 to 6 years in prison, while one received a suspended sentence.
They are accused of laundering 6.84 million yuan (about 1.3 billion won).
Investigators found they converted criminal proceeds obtained through voice phishing and other schemes into virtual assets, then laundered the funds through fictitious transactions disguised as Moutai trades.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
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