The 'U merchants' who buy and sell USDT (U currency)
Is an intermediary in the virtual currency market
Such transactions are not protected by law
Even possibly hiding unknown criminal chains
Recently, the Xigang Public Security Bureau made precise strikes and successfully dismantled an offline-level cash withdrawal + U merchant virtual currency money laundering telecommunications network fraud criminal gang.
Recently, multiple incidents occurred in Xigang District
Telecommunications network fraud cases
Victim's property has been continuously damaged
Police investigations found
There is a group specifically for overseas fraud gangs
Provided assistance in fund transfers
They are well-organized and have clear divisions of labor
Some are responsible for offline cash withdrawals
Some act as 'U merchants'
Using virtual currency platforms to buy and sell U coins (USDT)
Cleaning up the proceeds of fraud
The Xigang Branch established a special team
Comprehensively sorting out the flow of funds and personnel networks
Multiple police departments in the city are working together
Gradually clarified the operation mode of the gang
At the cash withdrawal stage
The gang has set up multiple levels of 'cash handlers'
Remotely directing the victims through encrypted communication software
Placing cash in a designated location
Then transferred step by step by members of different levels
At the money laundering stage
Through online live streaming and other methods
Contacting 'cash handlers' to receive the stolen funds
Then transferring cash through virtual currency platforms
Exchanging for U coins
Concealing the true source of the stolen funds
Formed a complete money laundering chain
October 13 to 20
The special task force is simultaneously closing in on Dalian and outside the province
Arrested 5 criminal suspects including Li Certain and Wang Certain
This operation successfully dismantled the money laundering gang involved in fraud and cash withdrawal
Recovered involved funds of 1.163 million yuan
Currently, Li Certain, Wang Certain, and 3 others have been criminally detained by public security organs for suspected concealment and hiding of criminal proceeds and the crime of profits from criminal proceeds.
Police remind
Currently, the chain of telecom network fraud crimes is continuously escalating, and the use of new methods such as virtual currency for money laundering is more covert, but 'the law has a wide net that misses nothing.'
It is important to note that virtual currency transactions are not protected by law, and the consequences and losses from investment transactions are borne by the relevant parties themselves.
In addition, buying and selling virtual currency is highly likely to be related to illegal activities; citizens must be vigilant to avoid becoming 'tools' for criminals.
