Jilin High Court disclosed a case involving virtual currency and gold cashing to launder illicit funds, with the defendant sentenced for the crime of concealing and disguising criminal proceeds

ChainCatcher news, the official account of the Jilin Provincial High People's Court disclosed that the Longjing City People's Court in Jilin Province recently tried a case involving the crime of concealing and disguising criminal proceeds. Four defendants purchased gold for upstream telecom network fraudsters, sold it for cash, and transferred virtual currency through illegal virtual currency platforms to help launder the illicit funds. It is reported that the transaction amount of the defendants reached over 789,000 yuan, of which the verified fraudulent funds amounted to over 452,000 yuan. Ultimately, the court sentenced the defendants to fixed-term imprisonment ranging from two years to one year, and imposed fines ranging from 10,000 to 20,000 yuan.