Workers' Daily: Abnormal Transaction of Cryptocurrency May Involve Criminal Activities

August 21st. Recently, the Second Intermediate People's Court of Beijing Municipality has heard a case related to the use of cryptocurrency transactions for concealing and disguising criminal proceeds. The defendant, being aware that it was criminal proceeds, still assisted in the transfer and was sentenced to 3 years and 6 months in prison. In August 2024, Mr. Liu sold USDT (commonly known as U Coin) to Mr. He. He knew that the cash held by Mr. He was the proceeds of crime and received 200,000 yuan in cash. The whereabouts of the involved funds are currently untraceable. After investigation, the 200,000 yuan transferred by Mr. Liu was the money defrauded from others. The final judgment of the court held that Mr. Liu, knowing that it was criminal proceeds, still assisted in the transfer. His behavior constituted the crime of concealing and disguising criminal proceeds. The court sentenced Mr. Liu to the crime of concealing and disguising criminal proceeds, sentenced him to 3 years and 6 months in prison, imposed a fine of 40,000 yuan, and confiscated his illegal gains. The judge stated that the defendants in cases of concealing and disguising criminal proceeds show typical profit-seeking behavior and have a sense of luck. Many defendants cannot resist the temptation of short-term high profits and commit crimes. Although the publicity campaign against telecommunications fraud has been intensifying, most defendants are aware that the assets involved may be the proceeds of fraud. However, some still have the illusion that their acts of concealing and disguising are difficult to detect, or even if discovered, the consequences are not severe, thus daring to challenge the law. The judge reminded everyone to be vigilant against any requests disguised as "abnormal transactions" under the guise of cryptocurrency. Do not be tempted by so-called "fees," "price differences," or other negligible gains, or trust promises from others to participate in trading, transferring, or converting cryptocurrency or funds of unknown origin. Knowing that it is someone else's criminal proceeds but still assisting in conversion, transfer, or cashing out may violate the criminal law and constitute the crime of concealing and disguising criminal proceeds and face severe criminal penalties. (Workers' Daily)