Chinese Police Bust Illegal Crypto Ring Worth Almost $2 Billion

Radek Zielinski, ReadWriteWeb
Thu, 05/16/2024 - 10:31am

In a recent development, Chinese police have uncovered a massive underground banking racket in the city of Chengdu, involving the popular stablecoin Tether (USDT). The illegal operation, which facilitated the exchange of foreign currencies, is estimated to be worth around $1.9 billion. The news comes just days after reports that Chinese authorities shut down another very similar operation that facilitated illegal currency exchange between the Chinese yuan and South Korean won, using cryptocurrency as a medium. According to a media report issued by the Chengdu city police, 193 suspects across 26 provinces have been arrested in connection with the underground banking operation.

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Chinese Police Bust Illegal Crypto Ring Worth Almost $2 Billion

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