Chinese Police Dismantle $1.9B Smuggling Ring Using USDT Stablecoin
Chinese police have dismantled a large-scale underground banking scheme involved in smuggling operations valued at $1.9 billion. The illicit network used Tether's stablecoin USDT to facilitate the smuggling of pharmaceuticals, cosmetics, and the purchase of prohibited goods overseas. The crackdown coincides with China's nationwide observance of "May 15" Publicity Day for Combating and Preventing Economic Crimes. Police have arrested 193 suspects nationwide, including ring leaders Lin, Weng, Chen, and other unnamed individuals.
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