ChainCatcher news, according to the Anhua Public Account, the EDA project that has emerged in the city has attracted significant attention. Investigations have revealed that there are major financial risk hazards, and citizens are urged to remain vigilant.It is reported that the EDA project claims to be launched by Hong Kong EDA Group Holdings Limited, promoting its business under the guise of "cross-border e-commerce and logistics companies" and other entities' traffic popularity. Members are required to pay an entry fee to purchase popular traffic to become "new recruits," with the value of popular traffic equivalent to the value in RMB.The project currently relies mainly on overseas or uncertainly secure virtual currency trading platforms for payments. The platform's funds are characterized by instability and difficulty in regulation. In the event of financial fraud or money laundering and other illegal activities, it will be difficult for the public to protect their rights.Analysis shows that the payment channels, operating model, and reward system of the EDA project have suspected pyramid scheme characteristics, posing significant financial risk hazards. Relevant departments will continue to closely monitor and take strong measures to combat such illegal activities.

ChainCatcher news, the Shaanxi High Court has released typical cases of cracking down on illegal fundraising crimes, which pointed out that the defendants Shi and Zhu set up an office in Xi'an, using a self-built BRTR platform to issue and trade USDT, QC, and BRTR currencies. They boasted about their company's strength to the public, fabricated a bright prospect for investing in virtual currencies, and used guaranteed principal with high interest and the enjoyment of luxury car usage rights as bait to attract public investment. According to the audit, as of the occurrence of the case, a total of 114 fundraising participants reported the case, with a total fundraising amount of over 6.34 million yuan, of which over 5.16 million yuan has been returned.The court held that the defendants, by issuing and trading virtual currencies, disguised their actions as public fundraising, disrupting the financial order. Their actions constituted the crime of illegally absorbing public deposits, and they were sentenced to four years in prison and fined.

ChainCatcher news, the Public Security Bureau of Wuhua County, Anhui Province, made precise judgments and took swift actions, successfully cutting off a chain that used virtual currency trading platforms as a cover while actually engaging in money laundering activities through score running. Three suspects have been brought to justice. This score running gang took advantage of the public's vague understanding of virtual currency investment, using virtual currency trading platforms as a cover to seemingly engage in legitimate investment speculation while actually participating in illegal score running and money laundering activities. The amount involved in this gang reached tens of millions, posing an immeasurable threat to financial order and social security.The score running gang manipulated highly concealed score running software, utilizing bank accounts or third-party payment platforms, and through fictitious transactions and dispersed transfers, "laundered" the illegally obtained funds, making them appear as legitimate income. Currently, the three suspects have been subjected to compulsory measures in accordance with the law.

ChainCatcher news, according to reports, the virtual currency trading platform AAX has ceased operations since the end of 2022, and customers have been unable to withdraw related virtual assets. Hong Kong police arrested another 39-year-old local man yesterday, suspected of managing the platform. The police stated that after further investigation, the Commercial Crime Bureau identified a man related to the case. This man left Hong Kong in November 2022 and was arrested upon his return to Hong Kong yesterday.

According to ChainCatcher news, as disclosed in an article by the WeChat public account of Huo Xiaolu, a defendant named He in a Chongqing case was sentenced to three years in prison and fined 5 million yuan by the Chongqing Yubei District People's Court for illegally engaging in payment settlement business on a virtual currency trading platform and profiting from the price difference.After the first-instance judgment, He appealed to the Chongqing First Intermediate People's Court. During the appeal process, He claimed that the exchange business between virtual currency and RMB he was engaged in did not constitute a payment settlement activity, and therefore did not constitute the crime of illegal business operations.After hearing the case, the Chongqing First Intermediate People's Court recently ruled to dismiss the appeal and uphold the original judgment.

ChainCatcher news, Hong Kong Customs reported the successful investigation of a major money laundering case involving an amount as high as 1.8 billion HKD. Preliminary investigations revealed that a criminal group consisting of 3 members processed over 1,000 suspicious transactions between June 2021 and July 2022 by setting up multiple shell companies and bank accounts, including a large amount of suspicious fund transfers from virtual currency trading platforms. This indicates that criminals are attempting to launder illegal proceeds by exploiting the anonymity of virtual currencies. Currently, Customs has arrested 3 key members of the criminal group, sealed the involved companies, and confiscated a large number of criminal tools, including mobile phones, company seals, and bank cards. The case is still under further investigation, and more suspects may be arrested. This case serves as a warning, reminding the virtual currency industry to remain vigilant and strictly adhere to anti-money laundering regulations.

ChainCatcher news, the Baise Intermediate People's Court has released a case involving the provision of virtual currency platform accounts to assist in the transfer of criminal proceeds and their profits. The relevant accounts were used for receiving and selling Tether, helping to transfer criminal proceeds and their profits, and then receiving the funds from the sale of virtual currency through Alipay accounts, which were then cashed out through withdrawal, transfer, and other means.From February 2020 to May 2021, the criminals received a net amount of 1.313 million Tether through the involved accounts, cashing out 205,000 Tether, with a cash amount of 1.46 million yuan.