A court in Guangdong, China, has sentenced 19 individuals in a virtual currency "boosting" money laundering case, involving fraudulent funds of over 2 million yuan

BlockBeats News, February 10th. According to the Net Letter Jiangmen official account, the Kaiping Court in Guangdong, China recently sentenced a "smurfing" money laundering case. From July to September 2024, Suspect A, Suspect B, and others organized a group, using the lure of "providing a 4% commission for bank card cash withdrawals and additional rewards for recruiting others," recruited 14 "cardholders" to assist in transferring funds obtained from telecommunications network fraud and other crimes, and upstream transfers through cash withdrawals, exchanging virtual currency, etc., with the total amount involved exceeding 2 million RMB.

The court ruled that the 19 defendants, knowing that the funds were proceeds of crime, still transferred them, committing the crime of concealing and disguising proceeds of crime. They were sentenced to 8 months to 3 years and 6 months in prison and fined accordingly.