Chinese Man gets 9 months in Jail for Buying USDT
Mr. Chen faced a nine-month prison term in China for misusing digital money. He helped a friend buy Tether USDT and got caught by authorities.
A man known as "Mr. Chen" got in trouble with the Fuzhou Mawei People's Procuratorate for hiding a crime. He bought Tether USDT, a type of digital money, worth 94,988 Chinese yuan ($13,067) for a friend named Mr. Lin.
Mr. Chen put his bank information on a social media app called WeChat in February 2022. Mr. Lin sent money to this account, and Mr. Chen used it to buy USDT. After buying it, he sent the digital money back to Mr. Lin. and made a small amount, 147.1 yuan ($20.26), from this.
The Fuzhou Mawei People's Procuratorate said that some people use digital money to hide and clean stolen money. They said Mr. Chen knew he was doing something wrong when he helped Mr. Lin.
As a result, Mr. Chen got a nine-month prison sentence, which will start after one year, and he has to pay a fine of 5,000 yuan ($689).
China is being strict about activities with digital money. Recently, a top police officer mentioned that new technologies like blockchain are being used in wrong ways. There have been cases of fraud and theft. Another big digital money project was stopped by the police in July, and a lot of money was lost. No one knows why this happened.
Reported by Coinpaprika News
