ChainCatcher news, according to the Shandong Cyber Police, a man from Liaoning, Qu, impersonated an offline U merchant and was arrested by the police in September while conducting U currency transactions with a "client," with confiscated illicit funds amounting to 217,000 yuan.After investigation, the suspect Qu confessed that he had committed two U currency transactions for his superior this year, earning a total of 217,000 yuan in cash, with his cut being over 6,000 yuan.Qu admitted that he knew nothing about the U currency business, and that his superior's request for him to act as a U merchant was merely a facade. In reality, it was just to take the so-called "clients'" money. After the transactions, his superior would black out the "clients," who were all victims of their telecom network fraud.Currently, the suspect Qu has been criminally detained by the police in accordance with the law, and the case is under further investigation.

ChainCatcher news, according to the Shandong Cyber Police public account, a man from Liaoning, Qu, became an offline U coin dealer after posting job information online and took a 3% cut from each transaction based on the cash received. He was arrested by the police during a transaction in September, with 217,000 yuan in illicit funds seized.After investigation, the suspect Qu confessed that he had committed crimes related to U coin transactions twice this year, earning 217,000 yuan in cash from these transactions, with his cut being over 6,000 yuan. The upper-level dealer's request for him to act as a U dealer was merely a facade; in reality, it was to withdraw money from the so-called "clients," who were all victims of their telecom network fraud. Currently, the suspect Qu has been criminally detained by the police, and the case is under further investigation.

ChainCatcher news, according to the "Procuratorial Daily," the methods used to assist information network criminal activities are constantly changing, and telecom network fraud cases triggered by virtual currencies occur from time to time.In June of this year, the suspect Yang logged into the black and gray market trading platform "Huiwang" through a chat software and joined a chat group for buying and selling the virtual currency "U Coin." Subsequently, Yang, Jin, and He jointly invested 220,000 yuan, with Yang purchasing virtual currency from a "U Merchant" in the group at a price three cents lower than the platform trading price, storing it in the "U Merchant's" account to receive tasks. The so-called tasks involved helping the "U Merchant" sell "U Coin" and collect the sales funds. On June 8, under the instruction of the "U Merchant," Yang, along with Jin and He, collected 220,000 yuan in cash from the victim Gao by selling "U Coin," and then placed the 220,000 yuan cash at a location designated by the "U Merchant." The "U Merchant" then transferred the payment in the form of "U Coin" to Yang's "U Coin" account, with the three of them earning a total profit of 3,800 yuan.The report states that in our country, buying and selling foreign exchange must be conducted at state-designated locations; otherwise, it constitutes illegal foreign exchange trading, and those with serious circumstances will be held criminally responsible. Therefore, prosecutors remind investors not to easily trust others for the sake of small profits, withdrawing large amounts of cash from banks to purchase virtual currencies. They should remain rational, strengthen risk prevention awareness and identification abilities, stay vigilant against virtual currency scams, and stay away from illegal fundraising.

According to Chain Catcher news and reports from the Zibo Court Online, the Zibo Intermediate Court publicly announced the second-instance verdict on the fraud case involving appellants Wang Hui, Zhu Jin, and others, ruling to dismiss the appeal and uphold the original judgment. Thus, a major "Killing Foreign Plate" foreign-related telecom network fraud case has come to an end, with 30 fraud criminals being severely punished by law.Previously, the Zibo Public Security Bureau cracked a major "Killing Foreign Plate" foreign-related telecom network fraud case involving the fake digital currency platform "MIT." The suspects disguised themselves as successful individuals such as "rich beauties" and "wealthy handsome men," gradually gaining the trust of foreign female victims by adding them as friends. They lured foreign victims to invest in the "MIT" fake digital currency platform with promises of high returns and guaranteed profits. After the victims received a small amount of "investment returns," they were enticed to continuously increase their investment amounts. The suspects then manipulated the backend system to cause the virtual currency that the victims had invested to crash, thereby illegally taking possession of the victims' property. This type of criminal activity, which specifically engages in foreign-related telecom network fraud, is commonly referred to as "Killing Foreign Plate." (source link)

Chain Catcher News, the Supreme People's Procuratorate issued the "Anti-Telecom and Network Fraud Law of the People's Republic of China" passed on September 2, which stipulates in Chapter 4 "Internet Governance," Article 25, that no unit or individual may provide the following support or assistance for others to carry out telecom network fraud activities: (1) selling or providing personal information; (2) assisting others in laundering money through virtual currency transactions; (3) other acts that provide support or assistance for telecom network fraud activities. This law will take effect on December 1, 2022. (Source link)