Unraveling a Major Chinese Money Laundering Operation


Cryptocurrencies News—A significant Chinese money laundering operation has been uncovered, leading to the sentencing of 21 individuals by the Tongliang Court in China. Jiang Moumou and Zheng Moumou orchestrated this operation, which involved a staggering $300 million USDT.

The Masterminds Behind the Chinese Money Laundering Operation

Bloomberg—The Chinese money laundering operation was active from November 2020 to April 2021. Jiang and Zheng were the brains behind this operation, recruiting 19 others to assist them in their illicit activities. Each member had distinct roles and responsibilities within the operation.

Jiang was sentenced to six years and three months in prison for his involvement in this Chinese money laundering scheme and fined 500,000 RMB ($68,000). Zheng received a similar sentence of six years and was fined 500,000 RMB. The other 19 members were handed prison sentences ranging from one to two years and six months, along with monetary fines.

The Modus Operandi of the Chinese Money Laundering Operation

To evade detection, the group used USDT to launder funds obtained from various online crimes such as fraud and online gambling. They channeled these funds through offline Bitpie collection wallets and sold them on virtual currency trading platforms. They concocted reasons for their transactions, such as withdrawing project funds and migrant workers’ wages, enabling them to withdraw cash from banks across multiple provinces and cities.

Transferring Funds Overseas

The cash was then packed into trolley cases and backpacks for transportation. It was flown to destinations in Fujian Province and delivered to designated recipients. Through this method, the group transferred over 2.25 billion yuan ($300 million) to overseas entities, making a profit of over 22.62 million yuan.

Meta Description: A major Chinese money laundering operation involving $300 million USDT has been uncovered. Two individuals masterminded the operation, which recruited 19 others to assist them in their illicit activities.

  • 2023-11-02