The Supreme Court of China shared details about the criminal case of Zhao Dong, known as the “OTC king”.
Chinese crypto legend Zhao Dong was hit with punishment after punishment. Dong, who was tried for crimes such as illegal currency trading and tax evasion, was sentenced to 7 years in prison by the Supreme Court of China. The Supreme Court of China imposed similar sanctions on 7 people who were tried in parallel with Dong’s case.
The crimes of the defendants were committed by complicated methods. Money laundering and financial crime activities through cryptocurrencies The court stated that all of them are related to each other in some way and that “of the network” operates on a global scale he emphasized.
Zha Dong was prominent as the founder of RenrenBit and a minor shareholder of Bitfinex. China has imposed serious sanctions on illegal foreign exchange transactions and tax evasion carried out through cryptocurrencies, especially in 2023.
Chinese authorities recently warned about illegal foreign exchange transactions made through cryptocurrencies.