Source: Lawyer Liu Honglin

01 一不Note that virtual currency has become a "disaster" currency

my country's current regulatory regulations generally have a negative attitude towards virtual currencies. The court often cited the "On Preventing Bitcoin Risks" in its rulings. "Notice" and "Announcement on Preventing Token Issuance and Financing Risks" and other normative documents clarify that no organization or individual is allowed to illegally engage in virtual currency issuance and financing activities, and individuals engaging in virtual currency-related investment activities must do so at their own risk. At the same time, due to the anonymity of virtual currency itself, the difficulty of reversing transactions, and the illegal nature of repayment, it can easily become a tool for criminals to conduct illegal transactions and evade traditional financial supervision. The "tool men" deliberately recruited by these criminals are extremely likely to May become an "accomplice" or "scapegoat" in related crimes.

According to the "Economic Information Daily" [1], the police found that criminals will use Internet platforms to widely publish part-time job information to attract people to participate. Participants are usually pulled into some "scoring" platforms In the virtual currency exchange, virtual currency is purchased and withdrawn to the wallet address of the benchmarking platform. Such platforms have introduced an "order grabbing" mechanism similar to online ride-hailing. After the order is completed, commissions of varying proportions can be obtained. Some part-time workers (including many students) who are engaged in such activities have little experience in the world. They simply think that this is an easy part-time job that can make money quickly. They lack the source risks involved in virtual currencies and the purpose of criminals. Understand that if you are not careful, money will become a "disaster" currency, and you will be imprisoned, and your future will be ruined.

(21st Century Business Herald once reported on a case in which a young man went from helping a company sell Tether coins to participating in reselling to earn commissions, and step by step fell into the abyss of illegal crimes. Source: 21Economic Internet)

02 What criminal risks do you face if you step on the red line?

Given that criminals may ask recruits to help them sell virtual currencies for cash, there may be different criminal offenses involved for those involved in selling virtual currencies. Specifically, , there are the following categories:

1. Crime of assisting information network criminal activities

Criminals induce participants to register accounts and provide Alipay and WeChat bank cards through profit Accounts and other methods allow participants to sell virtual currencies for cash, and then give a certain percentage of commission or "remuneration" afterwards. In the crime of assisting information network criminal activities such as Zhang Moumou and Yang Moumou[2], Zhang Moumou sold virtual currency to cash out for online Hu For criminal activities, he was sentenced to one year and three months in prison.

The crime of aid and trust is not the only applicable crime when committing such acts. Depending on the difference between the perpetrator’s subjective knowledge and the objective facts, other crimes may be involved, many of which include covering up and concealing crimes. Income and gain crimes.

2. Covering up and concealing criminal proceeds and proceeds crime

This crime requires higher subjective knowledge of the perpetrator, requiring the perpetrator toknow . In the case of Wen Moumou covering up and concealing criminal proceeds and criminal proceeds[3], in order to obtain a 0.7% commission, the defendant Wen Moumou obtained online instructions through chat software, and sold the Huobi recharged to him through a certain platform. The fraudulent money flowed into Wen's account. After withdrawing the cash, Wen handed it over to his upline and made a profit of 140 yuan. In the end, the court determined that Wen's behavior constituted the crime of covering up and concealing criminal proceeds, and he was sentenced to six months in prison.

In addition, depending on the nature of the upstream crime, the act of selling virtual currency for others to cash out may also constitute a crime of money laundering or fraud, and the perpetrator will also receive corresponding criminal sanctions.

03 Mankiw’s lawyer suggested

1 , Don’t be greedy for petty profits.

“There will be no pie in the sky.” Part-time jobs that can easily make money with just a few clicks of the mouse and poke the screen are not necessarily reliable. Faced with the profit temptations and security promises of unknown persons on the Internet, do not easily allow them to engage in activities of selling virtual currencies for cash. Once the incident comes to light, it will be him who runs away with the money, and it will be you who will be imprisoned.

2. Choose transaction objects carefully.

Although our country’s laws do not prohibit the transaction of virtual currencies between private entities, this does not prevent us from being more cautious. It is a matter of affection to help others trade, and it is your duty to abide by the laws and regulations. Do not easily post or "run points" for unknown people or funds from unknown sources. If you are really worried, please consult a professional lawyer if necessary to give relevant risk advice.

3. Ensure transaction transparency and evidence traceability.

If you really need to sell virtual currency for others to cash out for special reasons, be sure to remember to save relevant chat records, transfer transaction records, etc. to maintain the transparency of the transaction. If the other party requests to use anonymous, Be careful with social tools that can destroy chat records (such as Telegram groups, etc.)! The above is to ensure that the details of all transactions involved are clear and concise, thereby helping to prevent potential accusations of illegal behavior and making it easier for the police to trace after abnormal situations occur.

4. Cooperate with the police investigation and seek help from a lawyer.

If you are involved in a case because you sell virtual currency for others to cash out, please seek the intervention of a professional lawyer as soon as possible to assess the risks of the case and formulate a reasonable response strategy. At the same time, you should actively provide corresponding evidence to the police and cooperate with the investigation to minimize your own risk and liability.

[1] Economic Information Daily: Virtual currency has become a tool for money laundering. Who is playing the "white glove" role? , reprinted by Xinhuanet http://www.news.cn/fortune/2022-05/17/c_1128656154.htm

[2] See Hengdong County People’s Court of Hunan Province (2021) Xiang 0424 Xingchu Criminal Judgment No. 234

[3] See Henan Province Ningling County People’s Court (2021) Henan 1423 Xingchu No. 19 Criminal Judgment