A few days ago, a fan doing OTC asked me: “Receiving U and paying in RMB, just making a little profit, what risk could there be?” Until this Fujian case was exposed, he panicked — 15 people were sentenced, bank transactions reached 13.3 billion, and cash withdrawals alone amounted to 478 million! This is not just “earning a profit”? It's clearly helping the black industry “cleanse” cross-border dirty money, and this is just the beginning of the major regulatory crackdown on OTC in the crypto space!
First, let's expose this group's “money laundering tricks”: what you think is a “legitimate U business” might be hiding 3 deadly operations!
What this Fujian gang is doing, to put it plainly, is “using USDT as a cover to engage in illegal foreign exchange + dirty money laundering,” but the details are full of “concealment” that ordinary people might not think of, and many fans could unintentionally become “accomplices”:
1. Using overseas software to attract clients: private chats on Telegram, specifically looking for people with "foreign exchange needs".
They do not operate on public platforms but hide in overseas chat apps like Telegram and Signal, pulling clients through "referrals" — the target is clear: either those who want to exchange RMB for foreign currency (like investing in overseas stocks or overseas consumption) or those who have foreign currency and want to exchange it for RMB.
When chatting, they do not mention "money laundering", only say "safe exchange, 2 points higher than bank rates", using "high price differences" to lure people — many think "saving some money" and don't consider whether the money is clean.
2. USDT as "intermediary": receiving RMB with the left hand to buy U, and using U to exchange for foreign currency with the right hand, completely "bypassing bank regulation".
Their operational process is particularly "slippery":
Clients want to exchange 100,000 US dollars? First, let the client transfer 680,000 RMB to their private account (not a company account; all are "puppet accounts" opened with employees' or relatives' IDs), then they transfer their USDT to the client's crypto wallet; next, the client transfers these USDT to the offshore "upstream wallet", and the upstream then transfers 100,000 US dollars to the client's offshore account.
At first glance, it seems like "U coin exchange", but in reality, it bypasses foreign exchange controls, packaging "illegal cross-border funds" as "cryptocurrency transactions" — when banks check, they only see "RMB transfers between private accounts" and "U coin transfers", making it difficult to directly associate with foreign exchange violations; this is also why many U merchants previously felt "safe".
3. Withdrawing 478 million in cash: using "cash to buy U" to cut off the funding chain and help the black market "wipe clean".
Even more ridiculous, they specifically went to the bank to withdraw cash — they withdrew 478 million in total! The cash withdrawn was not stored but used to buy USDT from other "retail U merchants" and then transferred these U to the wallets of upstream criminal groups.
Why withdraw cash? Because cash transactions are difficult to trace, equivalent to turning "dirty money from black market activities" (like RMB from fraud or gambling) into "untraceable cryptocurrency" through "cash purchases of U", completely severing the funding chain — even if the police trace the upstream black market, it is difficult to associate the "dirty money" with this group's operations.
Key breakthrough: not relying on testimonies, but using "technical iron fists" to crush evidence!
What scares U merchants in the crypto world the most about this case is not the sentencing of 15 people, but that the regulators have used technical means to break the illusion that "crypto = invisibility" — previously, many U merchants thought, "I don't plead guilty and delete chat records, so I'm fine"; now it’s completely ineffective:
The principal offender, Lin, initially denied everything, saying, "Those accounts are not mine, the U coin transfers were operated by others." As a result, the police recovered 3 voice messages he sent from his accomplice's phone (even if deleted, the technology can recover it), all content was about "Withdrawing 2 million cash today to buy U from Zhang" and "That client's 100,000 US dollars needs to be connected quickly."
The police directly conducted voiceprint identification, comparing Lin's daily speaking recordings, confirming that the voice was indeed his; combined with on-chain data — his controlled wallet had over 200 transfer records with the upstream black market wallet, with timing, amounts, and the voice content all matching perfectly.
In the face of ironclad evidence, no matter how much Lin tries to deny it, he ultimately has to plead guilty. This serves as a warning to all U merchants: the chat records you deleted and your hidden identity are all transparent in front of "electronic evidence, voiceprint comparison, and on-chain tracking"!
The sentencing of 15 people is just the beginning! The major cleanup of OTC still hides 3 signals that fans must pay attention to!
Don't think this case is over; from the regulatory actions, OTC in the crypto world will be more stringent, and these 3 signals must be closely monitored:
1. Deep dive into "cross-border funding chains": not only catching downstream U merchants but also catching upstream black market activities.
The upstream of this group involves funds related to fraud, gambling, and smuggling — currently, 15 people have been sentenced, and the police will definitely investigate the "on-chain transfer records" and "client lists" further up, and there may be more "offshore black market groups" and "large U merchants" arrested. In the future, when doing OTC, regardless of how high a price difference the other party offers, as long as they request "cash transactions" or "offshore wallet transfers", absolutely do not engage; it's highly likely to be illicit transactions.
2. Private accounts for "large transfers" will be closely monitored.
In this case, the group used over 20 private accounts to collect RMB, each account having a monthly flow exceeding 5 million — now banks and anti-fraud systems have already linked up, and private accounts that "frequently receive large amounts of RMB, then transfer to multiple unfamiliar accounts" or "frequently withdraw large amounts of cash" will trigger warnings and directly be reported to the police for investigation.
When fans are trading OTC, do not use private accounts to transfer large amounts of money to unfamiliar U merchants; it's best to go through platform guarantees and keep transaction records. In case the other party is involved in black market activities, you can prove your innocence.
3. "Gray OTC" will be gradually cleaned up; compliance is the only way out.
Previously, many U merchants made money through "gray exchanges"; now the regulations are clear: using USDT for illegal foreign exchange and helping the black market launder money, regardless of the amount, is a crime. More platforms will be required to "real-name authenticate U merchants" and "verify the source of funds"; non-compliant U merchants will be expelled or even arrested.
A "self-protection guide" for fans: do not engage in these 3 types of OTC transactions, or you may cross the red line!
Regardless of whether you occasionally buy U OTC or want to become a U merchant, these 3 types of transactions must be avoided; otherwise, you may get implicated:
Those requesting "cash transactions": the other party asks you to take cash to him, then privately transfer U; this is 90% likely to be money laundering, as cash cannot be traced, and if something happens, you can't explain it.
Offshore wallets for "private transfers": not going through platforms, allowing you to transfer U to unfamiliar offshore wallets, and then convert to RMB / foreign currency, which is likely to be cross-border black market funds;
"High price difference temptation": exchanges that are more than 3 points higher than market rates, do not be greedy; this is likely to be the black market eager to launder dirty money and wanting to quickly offload; if you engage, it equates to helping them "bear the risk".
To put it bluntly, the crypto world has never been a lawless land. Previously, OTC regulation was lax, and some profited from gray areas; now, with the iron fist of "technology + regulation" coming down, the major cleanup has just begun. Rather than worrying about being caught, it’s better to comply in advance — ordinary fans should trade through regular platforms and avoid private transactions; if you want to become a U merchant, get all qualifications sorted first and avoid having a mindset of luck.
Follow Azhe, not just to share opportunities in the crypto world, but also to help you identify these "invisible risks" and teach you how to make money under compliance — after all, being able to stay in the crypto world for a long time is more important than making quick money! #上市公司囤币潮
