China hands death sentence in 48-million-yuan crypto money-laundering case

China’s Supreme People’s Procuratorate disclosed a cross-border narcotics and money-laundering case in which a defendant identified as Li Moubo was sentenced to death after converting more than 48-million-yuan (about $7.04 million) in drug proceeds through virtual currencies. The case underscores Beijing’s use of its harshest criminal penalties in crypto-related financial crime enforcement.