Chinese Police Dismantle Underground Bank
May 16, 2024
In China, police have dismantled an illegal underground bank that used the USDT stablecoin for various currency exchanges, conducting transactions worth approximately 13.8 billion yuan ($1.9 billion). The criminal group primarily served those looking to purchase assets overseas or smuggle pharmaceuticals and cosmetics. A total of 193 suspects have been arrested in connection with the case nationwide.
