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The Jilin Court in China ruled on a case involving Money Laundering using Virtual Money, with the amount in question exceeding 780,000 yuan.
On September 21, according to the "People's Court Daily", the People's Court of Longjing City, Jilin Province, China, recently tried a case involving the crime of concealing and hiding criminal proceeds. Four defendants purchased gold for upstream telecom network fraudsters, sold it for cash, and transferred virtual money through illegal Virtual Money platforms to help launder the illicit funds. It is reported that the total transaction amount by the defendants reached over 789,000 yuan, of which the verified fraud-related funds amounted to over 452,000 yuan. Ultimately, the court sentenced the defendants to fixed-term imprisonment ranging from two years to one year, and imposed fines ranging from 10,000 to 20,000 yuan.