Inner Mongolia police investigate virtual currency money laundering case using "free credit card repayment" as bait, involving nearly a thousand accounts According to BlockBeats, on September 30th, the Baotou police in Inner Mongolia, China, recently investigated a virtual currency money laundering case. The criminal gang used "free credit card repayment" as bait to attract ordinary users to provide accounts, receive illegal funds such as overseas gambling and electronic fraud through false consumption, and then contact coin merchants to exchange them for virtual currency and transfer them to designated overseas addresses. The police have identified nearly a thousand accounts involved in the case through analysis of funds and on chain data, with personnel distributed in Inner Mongolia, Shandong, Jiangsu, Hebei, Chongqing and other places. The Digital Currency Research Institute of the People's Bank of China stated that it is currently using big model technology to analyze the flow of virtual currency trading funds, restore gang trading patterns, and explore black industry clues. After investigation, it was found that seven members of the gang involved in the case illegally engaged in fund payment and settlement business without the approval of the relevant national authorities, constituting the crime of illegal operation. They were sentenced to one year and two months to two years and six months in prison and fined. The use of virtual currency for money laundering is a new type of money laundering crime that has emerged in recent years. Lv Wei, the Governor of the Inner Mongolia Autonomous Region Branch of the People's Bank of China, stated that improving the monitoring and identification capabilities for abnormal fund transactions related to virtual currency transactions has helped successfully crack down on a major case of using virtual currency for pyramid schemes and money laundering. More than 10 money laundering and distribution centers have been destroyed, and a total of about 130 million yuan in illegal gains have been confiscated. In recent years, four cases of using virtual currency for money laundering have been comprehensively promoted and convicted of money laundering crimes, forming a strong deterrent against illegal and criminal activities such as using virtual currency for money laundering. (CCTV Finance) [Original link]