According to TechFlow, the People's Court of Liyang City, Jiangsu Province, made a judgment on a virtual currency money laundering case on July 26, 2024. An unemployed man named Xiao Wu was sentenced to six months in prison, suspended for one year, and fined RMB 2,000 for participating in virtual currency money laundering activities.
The case file shows that in November 2023, Xiao Wu contacted a "money laundering company" through Telegram to repay the credit card debt he owed from investing in foreign exchange and virtual currency during college. He bought U coins on the "Ouyi" platform, and then transferred and sold them through the "U-MATOU" APP to earn the difference. Despite being warned that this was an illegal act, Xiao Wu continued the operation due to the pressure of repayment.
On December 22, 2023, the Liyang Public Security Bureau received a fraud report involving Xiao Wu's bank card. After investigation, Xiao Wu's bank account had a total of 13 transactions, totaling more than 25,000 yuan, and his personal illegal profit was more than 5,000 yuan.
Xiao Wu expressed regret after being arrested, admitting that if he had not been caught, he might have gone further down the road of crime.