Wu Shuo learned that the Office of the United States Attorney for the Southern District of New York said that Maximilien de Hoop Cartier, a French national, was sentenced to 8 years in prison for operating an unregistered cryptocurrency over-the-counter (OTC) business and participating in a conspiracy to commit bank fraud, laundering more than $470 million through a network of shell companies; since 2018, he has used multiple U.S. bank accounts and false business records to convert illegal proceeds such as those from drug trafficking into fiat currency in the form of cryptocurrency and transfer them to overseas criminal networks such as in Colombia, during which he falsely claimed to be engaged in software business and forged materials to conceal the source of the funds, while failing to fulfill anti-money laundering and registration obligations.