Chinese man sentenced to 9 months in prison for buying 13K in USDT
China has been harshly enforcing its crypto ban since the start of the year, cracking down on individuals and projects alike. An individual, identified only as Mr. Chen, has been convicted by the Fuzhou Mawei People's Procuratorate on charges of "offense of concealment and concealment of crime" for purchasing 94,988 ($13,067) Chinese Yuan worth of Tether (USDT) for an acquaintance. According to local news reports, Mr. Chen was contacted by Mr. Lin, his acquaintance, around February 2022 to post his bank card details on social media app WeChat. Mr. Chen subsequently received seven fiat Chinese Yuan transfers from Mr. Lin, which Mr. Chen used to purchase USDT. The stablecoins were then sent back to Mr. Lin. Through the process, Mr. Chen earned a total commission of 147.1 Chinese Yuan ($20.26). Commenting on the matter, the Fuzhou Mawei People's Procuratorate stated: "Con artists use virtual currency to transfer and launder stolen money. This kind of online money ...