In November 2024, the People's Court of Yi'an County, Qiqihar City, Heilongjiang Province, recently heard a case involving the resale of USDT (Tether), which has become a focus of public attention. This ruling highlights the potential risks of virtual currencies in illegal activities and serves as a wake-up call for the public. Here are the key points of the case:
Case Overview
Criminal Proceedings:
Defendant Wang was informed by a friend that reselling USDT could be profitable and began trading on the 'U Dock' APP from April 15, 2024.
Wang used 14 bank cards registered under his name and others to receive transaction funds, among which 6 bank cards received fraudulently obtained funds totaling up to 564,000 RMB.
Wang illicitly gained approximately 60,000 RMB and squandered all the funds.
Nature of the Crime:
The court determined that Wang's actions constituted concealing and hiding criminal proceeds.
Such crimes involve using virtual currencies as tools to disguise the sources of illegal funds, facilitating crimes such as telecom network fraud.
Judgment Result:
Wang was sentenced to one year and eight months in prison and fined 15,000 RMB.
Court Opinion
The court emphasized that virtual currencies do not have the attributes of legal tender and have been widely used by criminals for money laundering and other criminal activities. The anonymity and cross-border characteristics of virtual currency trading platforms make them a 'black gold channel' for the flow of criminal funds.
Public Reminder
This case has important educational significance for the public:
Do not engage in similar illegal activities for small profits.
Remain vigilant regarding investments related to virtual currencies to avoid being caught up in criminal chains.
This type of case further reflects the legal and regulatory challenges faced by current virtual currency transactions and indicates that the state is continuously strengthening its crackdown on illegal capital flows.
