200,000 USDT for 3 and a half years in prison! Attention OTC merchants in the crypto circle: this is something you must not do.
Overnight, those doing OTC transactions in the crypto circle panicked - the Beijing Second Intermediate Court just ruled on a case: someone helped to transfer 200,000 USDT, not only did they go to prison for 3 and a half years, but they were also fined 40,000, and all the money they earned before was confiscated. This is not a trivial matter, it serves as a warning to all crypto players: if you continue to engage in 'abnormal transactions', you may really cross the red line of criminal law!
First, how can a transaction of 200,000 be considered a crime?
It all started in August 2024. A person named Liu knew that the 200,000 cash he was buying USDT from, named He, had an improper source (later discovered to be money defrauded from someone else), yet he still helped He convert the cash into USDT.
You might think, 'It's just changing a currency, how big of a deal can it be?' But the court ruled: This has already committed the crime of 'concealing and disguising criminal proceeds'. Simply put, it means knowing that the money is obtained by a bad person through deception, and still helping to transfer it using virtual currency, making it impossible for the police to trace the money - this kind of operation, no matter how common it is in the crypto circle, is directly considered a crime in the judiciary!
The final judgment is very clear: Liu was sentenced to 3 years and 6 months, fined 40,000, and all the money earned from this transaction was also confiscated.
Second, the judge directly exposed: don’t think that virtual currency is a 'lawless land'.
The judge handling the case specifically reminded: Many people doing this now are driven by greed for small gains + a sense of luck.
For example, some people think 'earning a little fee, price difference, in and out quickly, I definitely won't be found', or 'even if I am found, at most I will just be fined, I won’t go to prison'. But in reality, the legal education on telecom fraud and money laundering has long been in place, and everyone knows in their hearts that 'this money might be obtained through deception', yet they still hold the idea of 'if I can hide, I will hide' and take risks - in the end, they can only bear the consequences themselves.
Third, this is not the only case! The 'cleansing' in the crypto circle has already begun.
Don’t think this is a coincidence. The regulatory attitude towards virtual currency transactions is especially clear now: no matter whether you use USDT or other currencies, as long as the transaction is 'abnormal', it may violate criminal law.
Simply put, if you encounter such a situation in the future, you must be vigilant: someone asks you to use virtual currency to transfer money of unclear origin, promising you high fees or high price differences; or asking you to help 'shuffle' funds, saying 'sure profits' - these are basically traps, and being greedy for this little benefit could land you in trouble.
Fourth, a must-read for crypto players: 4 tips to avoid criminal risks.
Don’t want to fall into a trap? Remember these 4 points, it's better than anything else:
Don’t touch money of unclear origin: especially if someone asks you to use cash to exchange for currency, or if the source of the money is unclear, refuse directly.
Be wary of high-profit transactions: how can there be so many 'sure profits'? The more abnormal the profit, the greater the risk.
Keep good transaction records: every transaction you make must be able to clarify 'where the money comes from and where it goes', don’t lose the evidence.
Don’t accept requests to transfer funds: no matter how many benefits the other party offers, if they ask you to help transfer unclear funds, flatly refuse.
Let me emphasize again: Virtual currency has never been a 'lawless land'. The Beijing Second Intermediate Court has made it clear - using USDT to help someone launder money or transfer stolen funds will result in prison time and fines. Those seemingly 'easy money' often come at a cost you cannot afford! Taking away 240,000 yuan from you, and still expecting you to go to prison? Having money is not as good as having power!!!
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