🚨👮‍♂️ 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