Putian Hanjiang Court ruled on a virtual currency-related criminal case involving bank accounts with a turnover exceeding 13.3 billion yuan.

Mars Finance reported, according to Putian.com, that the People's Procuratorate of Hanjiang District, Putian City, Fujian Province, is cracking down on emerging crimes across the entire supply chain through three key approaches: preemptive intervention to strengthen the evidentiary foundation, penetrating investigations to overcome data bottlenecks, and leveraging technology to break through the "no confession" defense. In the first half of this year, the Hanjiang District People's Court adjudicated a virtual currency-related crime case brought by the procuratorate. Yan, Zheng, Lin, and others used the virtual currency USDT (Tether) to establish an underground foreign exchange trading network, recruiting clients through overseas chat apps and illegally exchanging RMB and foreign currencies using "U-coins." The bank accounts involved in the case handled over 13.3 billion yuan in transactions. Investigations revealed that the amount of illegal foreign exchange transactions reached 25.62 million yuan. The gang also withdrew over 478 million yuan in cash from banks across Fujian, purchased "U-coins," and transferred them to wallets owned by upstream criminals, laundering funds from cross-border crimes and profiting from the price difference. Ultimately, the court sentenced Yan, Zheng, Lin and 15 others to prison terms ranging from 8 months to 3 years and imposed fines for the crimes of illegal business operations and assisting in information network criminal activities.