Beijing police have cracked a series of cases involving virtual currency, with the amount involved exceeding 2 billion yuan

ChainCatcher news, according to CCTV News, Beijing police and the Beijing branch of the State Administration of Foreign Exchange have jointly cracked a series of cases involving virtual currency, with the amount involved exceeding 2 billion yuan, covering 15 provinces and cities including Beijing, Shanghai, and Zhejiang. It is noteworthy that this case not only involves a variety of concealed criminal methods but is also a "series of cases," ranging from dark web transactions to illegal foreign exchange trading, which is quite complex.

It is reported that Beijing police previously received clues indicating that someone was using the "dark web" and virtual currency to transmit information and conduct virtual currency transactions, particularly the illegal sale of various personal information of Chinese citizens. In addition, the police discovered that the suspect Yan was conducting all transactions in the process of selling citizen information through virtual currency. The amount involved in the conversion of virtual currency to cash was particularly large, which also attracted the attention of the police.

After in-depth investigation, the criminal facts of six members of the underground bank Lin and the suspect Yan, who illegally sold citizen information, gradually became clear. In December 2023, the police launched simultaneous operations in Wenzhou, Nanjing, Beijing, and Harbin, capturing all the suspects involved in the case. The police seized more than 20 electronic devices such as mobile phones engaged in illegal activities and over 30 bank cards on-site. After counting, the case involved funds exceeding 2 billion yuan, with more than a dozen virtual currency wallets used for illegal transactions.

The Economic Crime Investigation Team of the Beijing Municipal Public Security Bureau stated that in China, activities related to virtual currency are considered illegal financial activities. Using virtual currency as a medium for cross-border transactions to achieve illegal exchanges between foreign currency and RMB constitutes illegal foreign exchange trading.