Reported by: SEBASTIAN SINCLAIR

Chinese authorities say they’ve arrested 63 people in a self-styled “thunder attack” on a money laundering gang suspected of washing more than $1.7 billion via crypto. 

In a coordinated bust, the Horqin branch of the Tongliao Public Security Bureau in northeastern China dispatched more than 200 police across 17 provinces and municipalities, according to a statement.

It took more than three months to dismantle the ring, police said, who noted the gang used leading stablecoin tether (USDT) to launder gambling and other illicit proceeds on behalf of domestic and foreign criminal groups. 

Roughly $18.6 million in cash and assets have been seized. The gang allegedly persuaded individuals via Telegram to register accounts with crypto exchanges — mules for criminal funds. 

The gang was described to have a clear division of labor, with its operations stretching across China. Once the gang accepted money laundering requests, related tasks were assigned to teams, with leaders recruiting bottom-level grunts to carry out actions online and offline.

All gang members reportedly received commissions in different proportions after each money laundering operation was completed.

Read full report: https://blockworks.co/news/thunder-attack-busts-1-7b-tether-fueled-money-laundering-ring