China busts $2 billion USDT money laundering operation
Police in China have announced the dismantling of a large underground banking gang accused of facilitating illegal transactions with almost $2 billion worth of tether (USDT). Sichuan and Chongqing authorities said on Tuesday that 193 suspects across 26 Chinese provinces have been arrested as a result of the operation. According to local media, the gang allegedly used USDT to evade China ’s foreign exchange regulations and provide a means for criminals to send their funds overseas, transacting 13.8 billion yuan ($1.9 billion ). Tether’s history with China goes far beyond commercial paper Read more: How Triad-linked gang used crypto and casinos to launder $10B Two ‘dens’ in Fujian and Hunan belonging to the gang were reportedly destroyed by authorities in 2023 and 149 million yuan ($20.6 million) of funds linked to the gang were frozen as part of the case. The gang’s illegal foreign exchange reportedly committed “financial fraud, job-related Crime s, o...