According to CoinMeta, the Hongkou Public Security Bureau in Shanghai has cracked a case involving illegal cross-border settlement of virtual currencies and foreign exchange trading using a self-built platform, arresting 9 suspects with an involved amount of 200 million yuan. Starting from the beginning of 2024, individuals including Li established a technology company to set up platforms for cross-border fund transfers and the issuance and settlement of virtual credit cards, profiting by charging handling fees and service charges. The criminal gang used fabricated contracts on the cross-border fund transfer platform to exchange and transfer virtual currencies for RMB, and on the virtual credit card issuance and settlement platform, they issued virtual credit cards through overseas private banks, settling repayments with virtual currencies.