🕵️♂️ Chinese police have busted a $1.9 billion underground banking racket involving Tether (USDT) in Chengdu. Despite China's crypto ban, 193 suspects across 26 provinces were caught smuggling goods and assets overseas using USDT. 🚔
Authorities have frozen $20 million linked to the operations, but Chinese traders continue to find ways around the ban. According to Kyros Ventures, 33.3% of Chinese investors hold a large number of stablecoins, second only to Vietnam’s 58.6%.
Even after the Bitcoin mining ban, China's contribution to the Bitcoin network hash rate rose to second place. Chinese traders also turned to decentralized protocols to continue trading.
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