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Home Blockchain

Chinese Man Jailed for Buying USDT Amidst Escalating Cryptocurrency Crackdown

by Dan K
Aug 14, 2023 - 6:25 pm
in Blockchain
Image depicting the seized Bitcoin in the Maryland father-son money laundering scheme, highlighting the need for regulatory measures in cryptocurrency.

China’s Relentless Pursuit Against Crypto Activities

Since the start of the year, Chinese authorities have shown an unyielding approach towards their cryptocurrency ban, targeting both individuals and entities in the crypto space.

An Unexpected Deal Turned Crime

An individual named Mr. Chen recently felt the brunt of this crackdown. Identified and convicted by the Fuzhou Mawei People’s Procuratorate for “offense of concealment and concealment of crime”, Mr. Chen found himself entangled in a legal mess for purchasing Tether worth 94,988 Chinese Yuan ($13,067) on behalf of an acquaintance.

Local news sources reveal that Mr. Chen was approached by Mr. Lin in February 2022. The request? To post his bank card details on the popular social media platform, WeChat. After fulfilling the request, Mr. Chen received seven separate fiat transfers from Mr. Lin, all of which were converted into USDT.

But the transaction didn’t end there. After the purchase, the USDT was then transferred back to Mr. Lin, earning Mr. Chen a meager commission of 147.1 Chinese Yuan ($20.26) for his role in the trade.

The Procuratorate Weighs In

The Fuzhou Mawei People’s Procuratorate commented on the matter, emphasizing the misuse of virtual currencies.

“Con artists use virtual currency to transfer and launder stolen money. This kind of online money laundering in the name of purchasing virtual currency, knowing that others use the information network to commit crimes and providing assistance to them, has violated the law.“

The result? A nine-month prison sentence for Mr. Chen, deferred for one year, alongside a fine of 5,000 Chinese Yuan ($689).

A Nationwide Crypto Clampdown

This incident isn’t isolated. Chinese authorities, since the onset of the year, have been ramping up their efforts against cryptocurrency operations. Jinfeng Sun of the Network Security Bureau cautioned against technologies like blockchain and AI, pointing to their involvement in “fraud and data theft.”

Yet, the crackdown is vast and not solely focused on crime prevention. Notably, in July, the massive $1.5 billion Multichain protocol faced shutdown by Chinese officials following the apprehension of its CEO. Since this event, assets and funds linked to the protocol were covertly traded into privacy coins and stablecoins, leaving many questions unanswered.

Tags: BlockchainChinaTetherUSDT
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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