An underground bank with a turnover of $1.9 billion USDT was shut down in China
The Chengdu Municipal Public Security Bureau in Sichuan province, together with colleagues, shut down the activities of an underground cryptocurrency bank that provided financial services to smugglers who wanted to move assets abroad, local media reported.
To avoid national exchange controls, the suspects used the USDT cryptocurrency, conducting transactions totaling approximately 13.8 billion yuan (more than $1.9 billion).
To avoid national exchange controls, the suspects used the USDT cryptocurrency, conducting transactions totaling approximately 13.8 billion yuan (more than $1.9 billion).
According to the investigation, since January 2021, the network operated in 26 provinces of China. This underground structure engaged in illegal transfers of funds abroad, foreign exchange for smuggling drugs and cosmetics, purchasing assets abroad, and also collaborated with various companies for tax refund fraud.
Police arrested 193 suspects, including ring leaders named Lin, Weng and Chen. A large number of bank cards and other payment instruments were seized, and funds worth 149 million yuan ($20.6 million) were frozen.
The suspects are charged with financial fraud, smuggling of goods, including prohibited substances, export tax fraud and other crimes.
The case has now been transferred to the Chengdu Municipal People's Procuratorate for preparation of an indictment and transfer to court.
Police arrested 193 suspects, including ring leaders named Lin, Weng and Chen. A large number of bank cards and other payment instruments were seized, and funds worth 149 million yuan ($20.6 million) were frozen.
The suspects are charged with financial fraud, smuggling of goods, including prohibited substances, export tax fraud and other crimes.
The case has now been transferred to the Chengdu Municipal People's Procuratorate for preparation of an indictment and transfer to court.
AML Crypto opinion
Just a few days ago we wrote that Chinese police arrested an illegal cryptocurrency transaction worth $296 million. We've all heard that cryptocurrency is banned in China, but in fact it is one of the most active markets in the world.
Using the example of this article, you can once again see that “dirty” cryptocurrency is penetrating further and further and the risk of encountering it is increasing. This is why AML verification of a crypto wallet becomes a necessary tool for saving your crypto funds.
Check your crypto wallet for cleanliness, perform AML address verification, track a transaction - this and more you can do in our solution Btrace. Free AML wallet verification for every new user.
Using the example of this article, you can once again see that “dirty” cryptocurrency is penetrating further and further and the risk of encountering it is increasing. This is why AML verification of a crypto wallet becomes a necessary tool for saving your crypto funds.
Check your crypto wallet for cleanliness, perform AML address verification, track a transaction - this and more you can do in our solution Btrace. Free AML wallet verification for every new user.
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