Posted 11/2/2023, 5:49:00 AM
Chinese Court Sentences 21 for Laundering $307 Million in USDT from Illegal Casinos and Fraud Rings
- Court in China sentences 21 people for laundering $307M in USDT from illegal casinos and fraud rings.
- Defendants used Bitpie wallet to convert USDT to RMB on P2P exchanges and withdraw fiat under false pretenses.
- Two main defendants, Jiang and Zheng, recruited 19 others and profited millions of RMB.
- Jiang sentenced to 6 years and fined 500k RMB, Zheng given same fine and 6 year term.
- USDT is popular with Southeast Asian fraud rings; book documents Tether's role in powering these operations.