On July 18, 2023, Chinese authorities in Qingshui County, Jincheng City, Shanxi Province successfully cracked a money laundering case involving the use of the cryptocurrency Tether (USDT). The operation led to the arrest of 21 suspects, the seizure of over 40 mobile phones, and the confiscation of cash and USDT worth over 1 million yuan.
The investigation began on April 1, 2023, when local police noticed abnormal fund flows in a bank account belonging to a resident of Longgang Town, Qingshui County. The account holder, identified as Zhao, was suspected of being involved in a “running points” money laundering scheme. Further investigation revealed that this was a case of fraud involving the use of USDT for money laundering.
The case spanned across four provinces and six cities, including Guangxi, Jiangxi, Henan, and Anhui, and involved a complex network of individuals. In response, Qingshui police assembled a team of over 50 officers, forming three arrest groups to carry out…