An particular person, recognized solely as “Mr. Chen,” has been convicted by the Fuzhou Mawei People’s Procuratorate on fees of “offense of concealment and concealment of crime” for buying 94,988 Chinese yuan ($13,067) value of Tether (USDT) for an acquaintance.
According to native information reports, Mr. Chen was contacted by Mr. Lin, his acquaintance, round February 2022 to publish his financial institution card particulars on social media app WeChat. Mr. Chen subsequently acquired seven fiat yuan transfers from Mr. Lin, which Mr. Chen used to buy USDT.
The stablecoins have been then despatched again to Mr. Lin. Through the method, Mr. Chen earned a complete fee of 147.1 yuan ($20.26). Commenting on the matter, the Fuzhou Mawei People’s Procuratorate acknowledged:
“Con artists use virtual currency to transfer and launder stolen money. This kind of online money laundering in the name of purchasing virtual currency, knowing that others use the information network to commit crimes and providing assistance to them, has violated the law.”
The Fuzhou Mawei People’s Procuratorate subsequently sentenced Mr. Chen to 9 months in prison, deferred for a interval of 1 yr, together with a positive of 5,000 yuan ($689).
Since the start of the yr, Chinese authorities have begun a tricky crackdown on cryptocurrency actions in the nation. Last week, Jinfeng Sun, political commissar of the Network Security Bureau, mentioned that applied sciences resembling blockchain and synthetic intelligence have been concerned in a spree of incidents relating to “fraud and data theft.”
However, the crackdown seems to be in broad scope and never particular to crime deterrence. In July, the $1.5 billion Multichain protocol was shut down by Chinese police after the arrest of its CEO. Since then, customers’ bridged belongings, in addition to enterprise funds, have been mysteriously swapped into privacy coins and stablecoins and bridged out of the protocol. No explanation has ever been given as to why.
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