Xiangyang, China cracks down on illegal fund transfer case involving virtual currency

Recently, a court in Xiangyang, Hubei announced the verdict of a case involving the use of virtual currency to transfer illegal funds. Five defendants, including Yao, were sentenced to imprisonment ranging from two years and six months to three years for concealing and covering up their criminal activities, and fined 5000 to 18000 yuan. The gang formed a group chat through overseas chat software and transferred a total of 2.09 million yuan in fraudulent funds through virtual currency transactions, illegally profiting between 10000 and 90000 yuan. The case recovered over 1.5 million yuan in stolen funds and returned them to 17 victims.