A $300 million fraud case in China centers on cryptocurrency!
Twenty-one individuals have been jailed by a court in Tongliang, China, which is close to Chongqing, for their part in the transfer of 2.25 billion RMB ($307 million) in revenues from online fraud and illicit casinos denominated in Tether (USDT) to Chinese Yuan (RMB).
A court bulletin stated that two defendants, Jiang and Zheng, sought to enlist the help of nineteen additional money mules. According to court records, the gang transferred the USDT to nearby P2P exchanges on virtual currency platforms in order to convert it to Reminbi using a decentralized wallet called Bitpie, which is comparable to Metamask.
When questioned about the rationale for the transfer, they subsequently withdrew the fiat money in other locations around the nation under false pretenses including project payments and worker paychecks. According to court records, Jiang made 22.62 million RMB ($3 million) from his work.
The court found the gang guilty of hiding and disguising illicit gains, and it imposed fines and jail sentences. Jiang received a sentence of six years, three months in prison. Zheng, in contrast, received a 6-year term and a same fine.
