% 0.87
BTC Dominance:
% 0.31
Market Cap:
$2.57 T
% 0.03
Fear & Greed:
75 / 100
$ 68.500
BTC Dominance:
% 52.7
Market Cap:
$2.57 T

300 Million Dollar Crypto Fraud in China!

Crypto Fraud in China

In China, a court convicted 21 individuals related to online crypto fraud and illegal gambling in Tether (USDT) for a total of 2.25 billion RMB (307 million dollars) converted into Chinese Yuan (RMB).

According to court documents, two individuals named Jiang and Zheng attempted to enlist an additional 19 money mules in this criminal organization. They used Bitpie, a decentralized wallet used on virtual currency platforms (similar to Metamask), to carry out the transaction and convert USDT into Reminbi in local P2P exchanges.

This case reflects the activities of a large revenue transfer network associated with online crypto fraud and illegal gambling in China. The decision taken by the court emphasizes the importance of these crimes and shows that criminals will face the strict application of laws.

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Later, when asked for a reason for the transfer process, they withdrew the fiat currency in different cities of the country with excuses such as project payments and worker fees using fake excuses. According to court documents, it was stated that Jiang made a profit of 22.62 million RMB (3 million dollars) from these activities. The court found the group members guilty of hiding crime revenue and sentenced them to various prison sentences and fines. The court sentenced Jiang to six years and three months in prison and fined him 500,000 RMB. Similarly, the court fined Zheng a similar amount and sentenced him to 6 years in prison.

The court document does not mention the origin of USDT, but scam networks operating in Southeast Asia popularly use it as a digital asset.

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