**[New Underground Money Laundering Scheme Uses Cryptocurrency, Lures Ordinary People with "Free Credit Card Repayment"]** BlockBeats News, September 10: According to a report by CCTV Finance, a new type of money laundering scam using cryptocurrency to transfer illegal funds has recently surfaced. Criminal groups use "free credit card repayment" as bait, recruiting ordinary people through agents and pyramid schemes. They entice participants to provide credit card and identity information with rewards of just a few dozen yuan, with some individuals unknowingly becoming part of the money laundering chain. Taking a case in Baotou as an example, the group has been connecting with overseas online gambling, telecom fraud, and other upstream illicit activities since October 2023. They "clean" the stolen funds by fabricating consumption records, then exchange them for cryptocurrency through brokers, ultimately transferring the illegal funds to designated cryptocurrency addresses overseas. The case involves nearly a thousand accounts, with individuals scattered across Inner Mongolia, Shandong, Jiangsu, Hebei, Chongqing, and other regions. The police, in collaboration with the Digital Currency Research Institute of the People's Bank of China, conducted joint analysis using financial account and blockchain data, uncovering the complete criminal network and launching a nationwide synchronized crackdown. Seven members of the criminal group were sentenced to prison terms ranging from one year and two months to two years and six months for illegally engaging in fund payment and settlement activities without approval, and were fined. The central bank stated that using cryptocurrency for money laundering is a new type of crime that has emerged in recent years. They continue to leverage large-scale models and blockchain data analysis technologies to trace fund flows and identify illicit groups. In recent years, authorities have dismantled over 10 money laundering and "point-running" dens, confiscating approximately 130 million yuan in illegal proceeds. Regulatory agencies warn that projects like "free credit card repayment," "transaction laundering," and "point-running for commissions" may hide money laundering risks. Ordinary people who provide personal accounts or participate in illegal cryptocurrency transactions could also become "tools" for criminal groups. [Original Link]