Prosecutors in Xiangtan’s Yuetang district said the group laundered more than 6.84 million yuan by disguising overseas telecom fraud proceeds as Moutai sales revenue before converting the funds into cryptocurrency.
Prosecutors in Xiangtan’s Yuetang district in Hunan uncovered a crypto-related money laundering scheme involving more than 6.84 million yuan. Authorities said the group masked overseas telecom fraud proceeds as Moutai sales revenue, then converted the funds into cryptocurrency while taking an 8% commission. Eight defendants were sentenced, receiving prison terms ranging from one to six years, with one suspended sentence.