ChainCatcher news, on July 26, 2024, the People's Court of Liyang City, Jiangsu Province, made a ruling on a virtual currency money laundering case. A jobless man, known by the alias Xiao Wu, was sentenced to six months in prison, with a one-year probation, and fined 2,000 yuan for participating in virtual currency money laundering activities.The case revealed that in November 2023, Xiao Wu contacted a "money laundering company" via Telegram to repay credit card debts incurred during his university years from investing in foreign exchange and virtual currencies. He purchased U coins on an exchange and then transferred and sold them through the "U-MATOU" app, making a profit from the price difference. Despite being warned that this was illegal, Xiao Wu continued his operations due to repayment pressure.On December 22, 2023, the Liyang Public Security Bureau received a fraud report involving Xiao Wu's bank card. Investigations showed that Xiao Wu's bank account had a total of 13 transactions, amounting to over 25,000 yuan, with personal illegal profits exceeding 5,000 yuan.After his arrest, Xiao Wu expressed remorse and admitted that if he had not been caught, he might have gone further down the path of crime.

ChainCatcher news, according to a report by The Paper, "post-00s" college student Yang Qichao issued a virtual currency abbreviated as BFF on an overseas public blockchain, and faced imprisonment due to withdrawing liquidity. The prosecution accused him of issuing fake virtual currency, misleading others to recharge 50,000 USDT, after which Yang Qichao quickly "withdrew funds," resulting in a loss of 50,000 USDT for others, constituting the crime of fraud.On February 20, 2024, the People's Court of the Nanyang High-tech Industrial Development Zone in Henan found Yang Qichao guilty of fraud, sentencing him to 4 years and 6 months in prison and imposing a fine of 30,000 yuan. On May 20, 2024, the case was heard in the second instance at the Nanyang Intermediate People's Court. Yang Qichao's defense lawyer continued to plead not guilty, arguing that the virtual currency issued by the defendant Yang Qichao has a unique and unalterable contract address, and there is no so-called "fake currency." Both the defendant and the complainant are experienced players in the cryptocurrency space and have a clear understanding of the risks involved in speculating on virtual currencies.The defendant's lawyer stated that the platform allows for the addition or withdrawal of liquidity at any time, and the defendant's actions do not violate platform rules. Furthermore, the BFF held by the victim appreciated in value due to increased liquidity after the incident, and if traded, it could be exchanged for more USDT than before, indicating that the victim did not incur any losses.