63 Suspects of Laundering $1.7B Through USDT Are Arrested in China
The Chinese authorities have arrested 63 people in a massive operation for reportedly laundering $1.7 billion using Tether’s USDT.
According to the Chinese police, these people have been operating since May 2021, the funds came from the organizers of financial pyramids, fraudulent schemes and gambling.
Law enforcement officers put their eyes on them in July due to an abnormal turnover on the bank card of its organizer after it reached 10 million yuan per month, which potentially indicated illegal financial activities.
The group took orders through points scattered throughout the country. The illegal funds were then converted into USDT on the Tron and Ethereum networks. Then, recruited through social networks, people around the world helped in money laundering through anonymous cryptocurrency accounts for a commission.