Beijing police cracked a series of virtual currency cases involving more than 2 billion yuan

According to Jinse Finance, the Beijing police and the Beijing branch of the State Administration of Foreign Exchange jointly cracked down on a series of virtual currency-related cases, involving more than 2 billion yuan in 15 provinces and cities including Beijing, Shanghai, and Zhejiang. It is noteworthy that the case not only has various hidden criminal methods, but also is a "serial case", which is complicated from dark web transactions to illegal foreign exchange trading. Beijing police previously received clues that someone was using the "dark web" and virtual currency to transmit information and conduct virtual currency transactions, especially for illegal sales of various types of privacy information of Chinese citizens. The group members who sold the information reached hundreds of people, and the total number of citizens' personal information sold in the group reached over 100 million. The trading method was strictly limited to virtual currency only.

After in-depth investigation, the criminal facts of six members of Lin's underground money house and Yan, who illegally sold citizens' information, gradually became clear. In December 2023, the police took action in Wenzhou, Nanjing, Beijing, and Harbin at the same time, and arrested all the suspects involved in the case. The police seized more than 20 mobile phones and other electronic devices used for illegal activities and more than 30 bank cards on the spot. After counting, the case involved a total of more than 2 billion yuan, and more than ten virtual currency wallets were used for illegal transactions.

The Economic Crime Investigation Division of the Beijing Municipal Public Security Bureau stated that in China, virtual currency-related business activities are illegal financial activities. Using virtual currency as a cross-border trading medium to achieve illegal exchange behavior between foreign exchange and RMB is also illegal foreign exchange trading.