🚀🚀 Bitcoin enthusiasts, buckle up! The Chinese police have busted a massive underground banking operation using Tether (USDT) to facilitate transfers of a whopping 13.8 billion yuan ($1.9 billion)!

👮‍♂️👮‍♀️ According to local media, 193 suspects linked to the case were arrested and 149 million yuan ($20.6 million) frozen after the police raided the operation’s location. The underground banking operation was led by a criminal gang, who used USDT to run a foreign exchange payment and settlement business, providing illegal services to cosmetics and drug smugglers and locals acquiring foreign assets.

💰💰 Besides using the stablecoin to transfer funds abroad, the gang also joined forces with other companies to fraudulently obtain tax refunds. The police found that USDT was used to evade national foreign exchange supervision, posing a threat to the country’s financial security.

🕵️‍♂️🕵️‍♀️ The operation was first discovered in November 2022 during a drug case investigation. In June 2023, a task force raided six municipalities, leading to the arrest of 25 suspects and the seizure of many payment instruments. Another raid in August 2023 led to the arrest of 168 individuals in 26 provinces.

🚨🚨 This raid in Chengdu is the second this month. Earlier this week, the police force in Panshi City of the Jilin Province cracked another underground bank involving 2.14 billion yuan ($296 million) in cryptocurrencies and arrested six individuals.

🔥🔥 While this news might seem alarming, remember, it's not about Bitcoin! Bitcoin remains a beacon of hope in the world of digital currency. Stay tuned for more updates! 🚀🚀