🕵️‍♂️ 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.

Got thoughts on this? Share in the comments! 💬👇