Inner Mongolia Police Investigate Virtual Currency Money Laundering Case Involving Nearly 1,000 Accounts

On September 30, the police in Baotou, Inner Mongolia, China, investigated a virtual currency money laundering case. The criminal gang used "free credit card repayment" as bait to attract users to provide accounts. They received illicit funds from overseas gambling and fraud through fake consumption, then contacted currency dealers to exchange them for virtual currency and transfer it to designated addresses abroad. Through financial and on-chain data analysis, the police identified nearly 1,000 involved accounts, with suspects distributed across Inner Mongolia, Shandong, Jiangsu, Hebei, Chongqing, and other regions. The Digital Currency Research Institute of the People's Bank of China utilized large model technology to analyze the flow of virtual currency trading funds and uncover clues related to black market activities. After investigation, seven members of the gang were sentenced to imprisonment ranging from one year and two months to two years and six months for illegally engaging in payment and settlement services, and were fined. In recent years, the use of virtual currency for money laundering has become a new type of money laundering crime. Lv Wei, the head of the Inner Mongolia branch of the People's Bank of China, stated that enhancing the monitoring capability of abnormal funds in virtual currency transactions helps crack down on major money laundering cases, dismantling over ten money laundering and money transfer dens, and confiscating illegal gains of approximately 130 million yuan, forming a strong deterrent.

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