The Fuzhou police have dismantled a gang that uses Virtual Money to provide fund transfer and payment services for the black and gray industries, involving a huge amount of money.

On October 16, according to the Enshi Internet Police, recently, the Fuzhou police found a clue in the work of providing fund transfer and payment settlement for black and gray industry platforms such as Internet fraud, and the amount involved was huge, and the police quickly set up a special team to investigate the case. After research and judgment, the police successfully figured out the criminal context and found out that the criminal gang operated a fourth-party payment platform and used Virtual Money stablecoins to provide fund transfer payments for the black and gray industry of the illegal futures platform, and earned rebates from it. In July 2024, the Fuzhou police organized capable police forces to go to various places to carry out a unified network collection operation, and arrested 11 criminal suspects led by Pan Moumou in one fell swoop. The Interpretation of the Supreme People's Court and the Supreme People's Procuratorate on Several Issues Concerning the Application of Law in Handling Criminal Cases of Illegally Engaging in Fund Payment Settlement Business and Illegal Trading of Forex (implemented in 2019) clarifies that in any of the following circumstances, it is "illegally engaging in fund payment settlement business" as provided for in Article 225, Paragraph 3 of the Criminal Law:(1) using methods such as acceptance terminals or online payment interfaces to fabricate transactions, false prices, Transaction refunds and other illegal means to pay monetary funds to the designated payer; (2) Illegally providing others with services for cashing out of a unit's bank Settlementaccount or transferring a unit's bank's Settlementaccount to a personal account; (3) Illegally providing check cashing services to others; (4) Other situations of illegally engaging in fund payment settlement business.