Underground bank with a turnover of $1.9 B in USDT was destroyed in China

🇨🇳 Chinese law enforcement halted the operations of an underground cryptocurrency bank that provided financial services to smugglers and those looking to transfer assets abroad.

💰To evade national currency oversight, the suspects used USDT in their activities, conducting payment operations totaling 13.8 billion yuan (over $1.9 billion).

👀 According to the investigation, the network had been operating since January 2021 in 26 provinces across the country. The business was involved in the illegal transfer of funds abroad, foreign currency exchange for smuggling medicines and cosmetics, purchasing assets abroad, and collaborating with third-party companies for tax refund fraud.