Gansu Court in China Tries Virtual Currency Money Laundering Case: Defendant Sentenced to Two Years and Four Months for "Running Errands for Cash Withdrawal"

BlockBeats News, April 4th, the People's Court of Qinzhou District, Tianshui City, Gansu Province, China recently tried a criminal case involving virtual currency cash-out assistance. The defendant, through "high-paying errands," part-time job, knowingly participated in concealing fraudulently obtained funds. Within 7 days, the defendant made multiple cash withdrawals in a blind spot of surveillance cameras totaling more than 390,000 yuan, and converted the funds into virtual currency to transfer to the upper-level operator, profiting 21,500 yuan. The court ruled that this constituted the crime of concealing and concealing the proceeds of crime, sentenced the defendant to two years and four months in prison, imposed a fine of 10,000 yuan, and ordered the confiscation of the illegal gains.

The judge reminded that offline cash withdrawal has become a key link in whitewashing the proceeds of telecommunications fraud. "Cash withdrawal errands" and "high-paying daily settlement" are often a link in the fraud chain. The public should beware of behaviors such as collecting cash on behalf of others, transferring money, and assisting in fund transfers to avoid becoming an accessory to the crime.