A Chinese man was sentenced to jail for my USDT purchases.
A Chinese man has been sentenced to 9 months in prison for purchasing $13,000 in a cryptocurrency called USDT (Tether). China has continued to increase its pressure on the crypto industry since the beginning of this year.
A Chinese man was sentenced to 9 months in prison for buying $13,000 in Tether
A man in China has been sentenced to 9 months in prison for buying $13,000 in Tether. China has been increasing its pressure on the crypto industry since the beginning of this year.
At the center of his prison sentence is a man named “Mr. Chen”. The Fuzhou Mawei People’s Procuratorate convicted Mr Chen of “covering up and concealing a crime” for purchasing tether worth 94,988 Chinese yuan ($13,067). According to local reports, Mr. Chen’s acquaintance “Mr. Lin” contacted Mr. Chen on the social media platform WeChat around February 2022 and shared his bank card information. Mr. Chen then purchased USDT by receiving seven separate Fiat Yuan transfers from Mr. Lin. Afterwards, the received stablecoins were sent back to Mr. Lin. During this process, Mr. Chen earned a total commission of 147.1 yuan ($20.26).
The Fuzhou Mawei People’s Procuratorate said the scammers are using the stolen funds to transfer and launder through virtual currencies. They said he violated online money laundering laws by purchasing virtual currency, helping others use information networks to commit crimes. Mr. Chen was sentenced to nine months in prison, but that sentence was suspended for one year, and fined 5,000 yuan ($689).