A money laundering case involving virtual currency, prosecuted by the Yueyang District People's Procuratorate of Xiangtan City, Hunan Province, has been adjudicated in the first instance. The case involved over 6.84 million yuan, and all eight defendants were sentenced. The case revealed that the gang concealed the flow of funds by fabricating transactions involving Moutai liquor, converting proceeds from telecommunications fraud into virtual currency to return to upstream suppliers, and charging a commission of approximately 8% per transaction. The individuals involved had a division of labor, including fund transfer, providing tools, and disguising transactions. The court sentenced seven defendants to prison terms ranging from two to six years for concealing and covering up the proceeds of crime, while one defendant received a suspended sentence. (Huasheng Online)