Wu said that according to Red Star News, the Chengdu Public Security Bureau cracked a major underground money house case involving a total amount of 13.8 billion yuan. The suspects used USDT as a medium to evade national foreign exchange supervision and illegally provide foreign exchange settlement channels. The case involved 26 provinces (municipalities, autonomous regions) across the country. Now the public security organs have arrested 193 suspects nationwide. Since January 2021, the criminal gang headed by Lin, Weng, Chen and others has taken the import and export business as its origin and USDT as a medium to provide illegal foreign exchange and payment settlement services to customers who need to transfer funds abroad. They mainly provide illegal foreign exchange trading services for smuggling drugs and cosmetics, purchasing assets overseas, etc., and cooperate with other companies through fund settlement to engage in criminal activities of defrauding retained tax refunds.