According to Odaily Planet Daily, the Beijing Second Intermediate People's Court recently heard a case involving the use of virtual currency transactions to conceal and hide criminal proceeds. The defendant, knowing that the proceeds were criminal proceeds, assisted in the transfer and was sentenced to three years and six months. In August 2024, Liu, knowing that the cash held by He was criminal proceeds, sold USDT (commonly known as U-coins) to He and received 200,000 yuan in cash. The whereabouts of the funds involved in the case have been unknown. An investigation revealed that the 200,000 yuan Liu transferred was fraudulent proceeds.

The court's effective judgment held that Liu, knowing that the proceeds were criminal proceeds, still assisted in the transfer, and his actions constituted the crime of concealing and concealing the proceeds of crime. The court found Liu guilty of concealing and concealing the proceeds of crime and sentenced him to three years and six months in prison, a fine of 40,000 yuan, and the recovery of his illegal gains.

The judge stated that defendants in cases of concealing or hiding the proceeds of crime are typically profit-driven and harbor a sense of luck. Many defendants, succumbing to the lure of high, short-term profits, commit crimes. Despite increasing publicity efforts against telecom fraud, most defendants are aware that the property involved may be the proceeds of fraud. However, some continue to believe that their concealment or concealment will be difficult to detect, or that even if discovered, the consequences will be minimal, leading them to risk violating the law.

The judge warned people to be wary of any requests for "abnormal transactions" under the guise of virtual currency. Do not participate in the buying, selling, or transferring of virtual currency or funds of unknown origin for the sake of petty profits such as so-called "handling fees" or "price differences," or to trust promises made by others. Knowing that these are the proceeds of crime, but still assisting in the conversion, transfer, or cashing out of them, may violate the criminal law and constitute the crime of concealing or hiding the proceeds of crime, and face severe criminal penalties. (Workers' Daily)