The Fan County Court in Henan Province concluded a case involving the concealment of criminal proceeds through the sale of virtual currency.

Odaily Planet Daily News Recently, Fan County Court concluded a case of concealing and hiding the proceeds of crime by buying and selling virtual currency for upstream crimes. The specific details are: In October 2023, Tian learned about a "profitable business" through Douyin: downloading the U-MATOU APP, and helping criminals launder money by buying and selling virtual currency U coins on the platform. The court believes that Tian knew that it was the proceeds of online crimes, but still helped transfer the above funds. His behavior constituted the crime of concealing and hiding the proceeds of crime and should be punished according to law. Tian was an accomplice in the joint online crime. He surrendered himself, admitted his guilt and accepted punishment, and voluntarily returned the illegal proceeds. He should be given a lighter punishment. According to Article 312, Article 27, Article 52, Article 53, Article 64, and Article 67, Paragraph 1 of the Criminal Law of the People's Republic of China, the defendant Tian was convicted of the crime of concealing and hiding the proceeds of crime and sentenced to eight months in prison and a fine of RMB 10,000; the illegal proceeds of RMB 10,000 returned by Tian were confiscated and turned over to the state treasury by the collection agency. The case has now come into legal effect.