Reported by Protos Staff

Chinese police have arrested 21 members of a major Tether money laundering ring that processed 380 million yuan ($55 million) in USDT across four provinces, according to local news outlet CCTV.

Authorities in Qinshui County discovered in April that the bank account of a resident named Mouyue Zhao had an abnormal flow of funds, suggesting money laundering. An in-depth investigation revealed a group of criminals had been running a USDT over-the-counter (OTC) trading ring since October 2021.

The group purchased USDT at a low price and sold it for profit through WeChat groups, helping criminals to launder their illegal funds.

Chinese police tracked down members of the Tether money laundering ring across six cities in four provinces; Guangxi, Jiangxi, Henan, and Anhui.

Read full report: https://protos.com/chinese-police-arrest-21-in-55m-tether-money-laundering-case/