Beijing Procuratorate Discloses Case of Using Virtual Currency for Offshore Foreign Exchange Transactions: Involved Amount Exceeds 1.1 Billion RMB

By: theblockbeats.news|2025/10/29 10:15:52

BlockBeats News, October 29th. According to 21st Century Business Herald, the People's Procuratorate of Beijing Municipality has released a major document titled "Highly Effective Performance of Financial Inspection Typical Cases," which includes a case of using virtual currency to engage in disguised foreign exchange transactions involving over 1.1 billion RMB.

It was found that from January to August 2023, Lin A, acting on instructions from others, conspired with Lin B, Xia XX, Bao XX, and Chen XX to use multiple bank cards under their names to receive a large amount of funds transferred by clients (such as Liu XX) of an illegal foreign exchange organization's "upstream." The group used virtual currency as a "bridge" to achieve the illegal cross-border transfer of funds: Lin A and others used multiple Tether (USDT) trading platform accounts under their control to convert the received RMB into USDT, then completed the cross-border fund transfer through platform trading, effectively engaging in disguised foreign exchange transactions and profiting from it. According to the report, the total amount of their illegal business operations reached over 1.182 billion RMB, with Xia XX, Bao XX, and the other 5 members participating in amounts ranging from over 149 million to over 469 million RMB.

On March 21, 2025, the People's Court of Haidian District, Beijing, issued a first-instance judgment, sentencing the 5 defendants to imprisonment for two to four years for the crime of illegal business operations, along with corresponding fines. Currently, all defendants have pleaded guilty, have not appealed, and the judgment has taken legal effect.

The era of AI hype has transitioned into an era of utility. As we move through Q2 2026, the market is no longer rewarding "narrative-only" projects. At WEEX Research, we are seeing a massive capital rotation into Decentralized Compute (DePIN) and Autonomous Agent coordination layers. This guide analyzes which AI tokens are capturing institutional liquidity and how to spot high-conviction setups in a maturing market.

Consumer-grade Crypto Global Survey: Users, Revenue, and Track Distribution

The number of active users of consumer-grade encryption has long reached tens of millions, but it is not in the sight of Silicon Valley and New York.

Prediction Markets Under Bias

Why do authoritative narratives always exclude prediction markets?

Stolen: $290 million, Three Parties Refusing to Acknowledge, Who Should Foot the Bill for the KelpDAO Incident Resolution?

The most dangerous scenario right now is that if ETH suddenly drops, Aave's bad debt could snowball even further.

ASTEROID Pumped 10,000x in Three Days, Is Meme Season Back on Ethereum?

「Space Dog」 Triggers ETH Mainnet Price Surge, Sparking SOL Community Anxiety

ChainCatcher Hong Kong Themed Forum Highlights: Decoding the Growth Engine Under the Integration of Crypto Assets and Smart Economy

The guests unanimously agreed that the understanding of Crypto value is shifting from "issuing tokens for the sake of issuing tokens" to pursuing sustainable business models, with a greater focus on capital efficiency, low costs, and 24-hour settlement, among other practical values.

Why can this institution still grow by 150% when the scale of leading crypto VCs has shrunk significantly?

The merger of the two major payment companies, Bridge and BVNK, establishes their industry position and revenue scale.

Anthropic's $1 trillion, compared to DeepSeek's $100 billion

The capital market has no faith, it only believes in the profit and loss statement.

Geopolitical Risk Persists, Is Bitcoin Becoming a Key Barometer?

Liquidity Still Unleashed, Which Force Will Dictate Pricing