Core Insights - A Beijing court has sentenced five individuals to prison terms of two to four years for running an illegal foreign exchange operation involving over $166 million through crypto channels, highlighting a significant crackdown on crypto-related financial crimes in China [1][2][3] Group 1: Legal Proceedings and Sentencing - The case was revealed during the 2025 Financial Street Forum Annual Meeting, showcasing Beijing's enhanced capabilities in tracking and prosecuting cross-border crypto transactions [2] - The defendants were involved in a scheme that processed 1.182 billion yuan ($166 million) through various accounts between January and August 2023, converting client funds into USDT stablecoins for illegal transfers [3][4] - The Haidian District People's Court issued its first-instance judgment on March 21, 2025, with all five defendants accepting their sentences without appeal [6] Group 2: Operational Details - The operation was led by Lin Jia, who collaborated with four other individuals to convert incoming yuan payments into USDT via multiple Tether trading platform accounts [4] - The group profited from each exchange while disguising foreign exchange trading through virtual currency [3][4] Group 3: Investigative Techniques - Prosecutors utilized advanced forensic methods to trace crypto transactions, combining financial data analysis with blockchain tracing to identify suspicious fund flow patterns [5] - The investigation addressed the "evidence collection dilemma" in cross-border economic crimes, ensuring legal compliance while building the case against the defendants [5][6]