🚨👮‍♂️ Chinese police have busted a massive underground ban

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🚨👮‍♂️ Chinese police have busted a massive underground banking ring that was using Tether (USDT) to move around a whopping 13.8 billion yuan ($1.9 billion). 🔍 Investigation reveals: - The operation was led by a criminal gang from the import/export biz. - They used USDT for illegal foreign exchange payments & settlements. - The gang was also involved in tax fraud, smuggling, and financial fraud. 🚀 The crackdown: - Initial discovery was in Nov 2022 during a drug case. - A nationwide campaign against these banks started in June 2023. - Raids across six cities led to 25 arrests and seizure of payment tools. - A later raid in Aug 2023 resulted in 168 arrests across 26 provinces. 💡 This is the second major bust this month, with a previous operation involving $296 million in cryptos being shut down. 👇 What are your thoughts on this? How can the crypto community work to prevent such misuse? #CryptoNews #USDT

🚨👮‍♂️ Chinese police have busted a massive underground banking ring that was using Tether (USDT) to move around a whopping 13.8 billion yuan ($1.9 billion). 
🔍 Investigation reveals:
- The operation was led by a criminal gang from the import/export biz.
- They used USDT for illegal foreign exchange payments & settlements.
- The gang was also involved in tax fraud, smuggling, and financial fraud.
🚀 The crackdown:
- Initial discovery was in Nov 2022 during a drug case.
- A nationwide campaign against these banks started in June 2023.
- Raids across six cities led to 25 arrests and seizure of payment tools.
- A later raid in Aug 2023 resulted in 168 arrests across 26 provinces.
💡 This is the second major bust this month, with a previous operation involving $296 million in cryptos being shut down. 
👇 What are your thoughts on this? How can the crypto community work to prevent such misuse? #CryptoNews #USDT