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During a large-scale operation, Chinese police arrested 63 people in the case of laundering 12 billion yuan ( $ 1.7 billion ) using the USDT stem from Tether, the authorities said.
The group has been operating since May 2021, funds came from the organizers of financial pyramids, fraudulent schemes and gambling.
She came to the attention of law enforcement officers in July 2022 due to an abnormal turnover on the bank card of its organizer. In a month, it reached 10 million yuan, potentially testifying to illegal financial activities.
A specially created investigation team revealed the structure of the criminal organization and working methods.
The group accepted orders through items scattered throughout the country. Then illegal funds were converted to USDT stabilization on the Tron ( ERT-20 ) and Ethereum ( ERC-20 ) blockchains. Then people hired through social networks around the world through anonymous cryptocurrency accounts for commission helped in money laundering.
More than 200 police officers were deployed to conduct detentions and searches, who were sent to 17 provinces. During investigative measures, authorities confiscated illegally obtained revenues of about 130 million yuan.
The investigation is ongoing.
Recall that in September, 93 suspected of laundering up to 40 billion yuan ( $ 5.5 billion ) were detained in China through cryptocurrencies.