29.5 Billion Yuan Online Gambling Case Exposed, Multiple Individuals Sentenced for Using Third-Party Payment Platforms to Settle Virtual Currencies like USDT

Odaily Planet Daily News: The Intermediate People's Court of Xilin Gol League in Inner Mongolia Autonomous Region upheld the original verdict in the second trial of Ma's case involving illegal business operations. This case is part of a series of incidents where third-party payment platforms provided financial settlement services for gambling platforms. In this case, some defendants were accused of receiving commissions or rebates in the form of virtual currencies such as USDT. Upon investigation, between May 24, 2022, and October 18, 2023, Ma and four others used third-party payment accounts to collect and disburse illegal funds. They settled transactions using virtual wallets to receive USDT virtual currency and bank card payments. Through 10 third-party payment companies and 105 merchants, the total settlement amount exceeded 2.95 billion yuan. The court ultimately found Ma guilty of illegal business operations and sentenced him to four years and six months in prison, along with a fine of 3 million yuan. The other five individuals who were successively brought to justice were sentenced to prison terms ranging from 3 to 6 years for illegal business operations. (The Paper)