Dalian cracked a fraud case involving illegal fundraising of 21.4 billion yuan and money laundering using virtual currency

ChainCatcher news, the Dalian People's Procuratorate sent personnel to support the prosecution in the case against Wang XX, who is suspected of raising over 21.4 billion yuan in funds and his relatives using "virtual currency" to commit the crimes of fundraising fraud and money laundering.

To conceal and hide the source and nature of part of the criminal proceeds, on February 21, 2021, before and after Wang XX fled, he entrusted his ex-wife Wang XX to use over 6.78 million yuan obtained from illegal fundraising to purchase over one million "virtual currency" and transferred it into his digital wallet account. After Wang XX was captured while fleeing abroad, the phone with the digital wallet app installed was lawfully seized by the investigative authorities. In May of the same year, with the cooperation of Wang XX's father Wang YY, mother Zhao ZZ, and others, Wang XX used someone else's identity information to register an account on a "virtual currency" trading platform website and transferred the "virtual currency" from the digital wallet account using the password previously provided by Wang XX, cashing out through trading and then withdrawing cash from the bank, thereby transferring over 6.52 million yuan in funds in the aforementioned manner. (source link)