According to Foresight News, Lanzhou police have dismantled a criminal gang involved in cryptocurrency fraud and money laundering, arresting 15 suspects. The fraudsters established trust with potential victims through social platforms and dating websites. They then used emotional manipulation and investment temptations to persuade victims to register on specific virtual platforms and use cryptocurrency for recharge.
The gang subsequently laundered the received USDT through platform transactions, converting it into other forms of funds or currencies. This process may involve multiple accounts and trading platforms to conceal the flow of funds. The case is still under further investigation.