Is there a risk in cashing out 1000U in the cryptocurrency world?
In the past few years, cashing out posed risks but was not particularly severe. However, starting this year, cashing out feels like gambling on probabilities.
Originally, funds were relatively clean, but that is no longer the case. Those pure gamblers who used to hang around various major websites have partially turned to speculate on the rise and fall of virtual currencies, especially with Pi Xiu coins,土狗币 (earth dog coins), air coins, and MEME coins. They can easily lose tens of thousands, with spot trading either steadily declining to zero or contract liquidations occurring. Many groups are still recruiting people to buy air coins, most of which are scams set up by locals.
Moreover, practitioners of the black and grey industry and fraudsters are using USDT for money laundering, causing USDT to become increasingly “dirty” and disgusting. Currently, the risks of buying and selling USDT are growing. It’s better to be cautious; if you encounter dirty money, it could be troublesome. Tens of thousands is not a small amount; if frozen for years or directly confiscated, it can lead to total loss.
Don’t think the government is unaware that some are privately trading virtual currencies. Why ban Huobi while keeping certain yuan regions for YI and Binance? There is a “pig farming” scheme domestically, where when the time is right and the situation demands, they will “kill the pig and eat the meat.” That is when the risks of buying and selling USDT will surface.
Trading large amounts of USDT may involve aiding and abetting crimes, money laundering, illegal financial activities, and issues related to circumventing internet restrictions. Make sure not to attract attention. Currently, overall funds in the country are tight, and everyone is finding ways to create revenue. If you are making significant profits in the cryptocurrency world, you still need to think carefully about how to legally cash out.
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