Crypto Mania

Chinese Court Sentences USDT Money Laundering Duo!

Crypto Live News

Author: Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

China has made another big move against fraud and gambling gangs, sentencing two principals to six years in prison for their involvement in laundering approximately $300 million in USDT. The defendants, who were found guilty of selling USDT for cash at a low price, then shipped the cash out of the country. This crackdown comes as China continues to tighten controls on the crypto industry, with officials recently calling for a “severe crackdown” on cryptocurrency-related crimes. The country remains wary of virtual currencies, citing concerns over fraud and financial instability.

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