[Hunan Yueyang Police Dismantle Black-Grey Industry Chain Using Virtual Currency Trading as a Cover, Involving Nearly 170 Million RMB] On September 1, Yueyang police officially disclosed that on July 18, a task force of over 70 officers from the Criminal Investigation Brigade, Yunxi Branch, and other units simultaneously raided more than 10 locations across the city. They successfully uprooted a black-grey industry chain that used virtual currency trading as a cover to launder money for overseas gambling, telecom fraud, and adult live-streaming groups. The case involved nearly 170 million RMB. The group used the overseas encrypted messaging app "Telegram" to post advertisements for "high-priced coin purchases," attracting "card farmers" to provide bank cards. In just six months, their bank transactions reached 170 million RMB, spanning over 20 provinces and cities. Since July 2024, the group had been operating under the guise of "blockchain OTC merchants," establishing a four-tier money laundering channel. The first tier involved overseas financiers transferring illicit funds from telecom fraud and gambling into domestic "dummy accounts." The second tier used "runner fleets" to split and transfer the funds to secondary accounts. The third tier involved "runners" withdrawing cash in the early hours and handing it over to the fourth tier, "backpackers," who deposited the money into underground banks, ultimately converting it into USDT and transferring it back overseas. Over six months, this channel laundered a total of 170 million RMB, with the group illegally profiting over 1 million RMB. To date, 15 suspects have been arrested in connection with the case, all of whom have been subjected to criminal coercive measures in accordance with the law. The case is currently under further investigation and expansion.