Dalian ruled on a virtual currency money laundering case, with an amount involved exceeding 6.78 million yuan

ChainCatcher news, according to a report by The Paper, from April 2015 to February 2021, the defendant Wang XX, in collusion with Xiang XX (who is at large) and others, successively registered and acquired multiple companies, fabricated a large number of businesses, and used the promise of nearly 100% annualized returns as bait to carry out illegal fundraising activities. Over nearly six years, Wang XX and others raised more than 21.4 billion yuan.

To conceal and hide the source and nature of some of the criminal proceeds, on February 21, 2021, before and after fleeing, Wang XX entrusted his ex-wife to use more than 6.78 million yuan obtained from illegal fundraising to purchase over one million "virtual currencies," which were then transferred to his digital wallet account. After Wang XX was captured, the phone on which he installed the digital wallet app was legally confiscated.

Later, his ex-wife registered an account on a "virtual currency" trading platform using someone else's identity information and transferred the "virtual currency" from the digital wallet account using the password that Wang XX had informed her of beforehand. After cashing out through trading, she withdrew the funds at the bank, transferring more than 6.52 million yuan in this manner. On December 31, 2021, the Dalian Municipal Procuratorate filed a public prosecution against Wang XX for suspected fundraising fraud and money laundering. (The Paper)