Caixin: 3,032 People Prosecuted for "Virtual Currency" Money Laundering Crimes in 2024

BlockBeats News, December 6th

On December 6th, Caixin published an article titled "Building a Solid Firewall for Virtual Currency to Safeguard the Public's 'Wallet'." The article pointed out that recent speculation in virtual currency within China has been on the rise. To establish a firewall for virtual currency, not only does it rely on the full cooperation of various departments, but it also requires the improvement of relevant regulations, the enhancement of regulatory capabilities, the strengthening of technical monitoring abilities in key areas, and the protection of normal economic and trade activities.

The data in the article shows that in 2024, Chinese authorities prosecuted 3,032 people for money laundering crimes involving the use of "virtual currency" to transfer criminal proceeds. Some of these individuals lacked legal awareness and were "dragged into the water." Scholars analyzed 283 judgments of money laundering crimes using virtual currency and found that criminal groups extensively used marginalized youth with a low socio-economic status as crime tools. There was a significant regional clustering, and the majority had only completed junior or senior high school education.