A court in Tongliang, China, has convicted and sentenced 21 individuals for their involvement in transferring the proceeds of online fraud and illegal casinos from Tether (USDT) to Chinese Yuan (RMB), amounting to 2.25 billion RMB (approximately $307 million). Two key defendants, identified by their surnames Jiang and Zheng, recruited 19 other individuals to assist them in this operation. They employed a decentralized wallet called Bitpie, similar to Metamask, to convert USDT to RMB on virtual currency platforms through local peer-to-peer exchanges. The funds were then withdrawn in different cities across China, using false explanations like project payments and workers’ wages. Jiang profited approximately 22.62 million RMB (about $3 million) from these activities.
The court found the group guilty of disguising and concealing criminal proceeds, resulting in various prison sentences and fines. Jiang was sentenced to six years and three months in prison, along with a 500,000 RMB fine. Zheng received a similar sentence and fine.
While the court document doesn’t specify the origin of the USDT, it’s worth noting that Tether is a popular digital asset used by fraud rings operating in Southeast Asia. This case sheds light on the illicit use of cryptocurrencies like Tether in criminal activities, as highlighted in Bloomberg journalist Zeke Faux’s book “Number Go Up.”
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