4 people offline U-Coin exchange for cash 280,000 Concealing criminal proceeds sentenced to prison
CoinDesk news, on April 25, according to the web3 Radar public account, on the afternoon of April 21, 2025, the Guaning Autonomous County Court publicly tried and sentenced a case of concealing and disguising criminal proceeds, where the four defendants were sentenced to fixed-term imprisonment for "U-Coin exchange for cash".
Case summary:
From September to November 2024, defendant Yao, knowing it was criminal proceeds, still purchased "U" coins from Zeng (another case), and then arranged to exchange "U" coins for cash with the victim to help transfer criminal funds. Defendant Xiao, knowing it was criminal proceeds, still, under the arrangement of Qin, conspired with Liu and Mao (another case) to drive multiple times from Chongqing to Guaning Autonomous County to help others transfer criminal funds of 280,000 yuan by exchanging "U-Coin" for cash with the victim, with a total profit of 2,300 yuan for the four.
The Guaning Autonomous County Court held that defendants Yao, Qin, Xiao, and Liu, knowing it was criminal proceeds, still helped in transferring, and the actions of the four defendants constituted the crime of concealing and disguising criminal proceeds. Considering the defendants' voluntary surrender, confession, active compensation for the victim's losses, and voluntary acceptance of guilty pleas, the four defendants were respectively sentenced to punishment ranging from seven months to one year and one month, along with fines.
The general public should recognize the legal risks behind "virtual currency exchange for cash", and should not be used as "tools" due to greed for small profits, as they will face severe legal penalties.
