We'll never know. It's worth noting many of the shadier Chinese vendors that trade via cryptocurrency exist to serve a much more valuable business, sneaking money out of China. You can only move $50,000 per person per year out of China (where it's vulnerable to confiscation, investments are all manipulated by the government so you can't park your cash there safely either), so "Money trafficking" is big business. Official crypto sales are all tracked, so businesses flying under the radar like QSC could sell the crypto and cash they earn that's parked safely outside China for a significant premium.
Not saying QSC did this, but many if not most do. If Chinese officials catch it, it's a "get the fuck out of China asap" crime, much worse than low level drug dealing. You're stealing from the communist party.