A former client manager at China Construction Bank (Asia) Corporation Limited pleaded guilty in Hong Kong District Court to conspiring to accept about $470,000 in Tether, or USDT, as bribes. Lin Junxian admitted colluding with overseas financial technology personnel between 2022 and 2023 to authenticate unauthorized fake standby letters of credit and collateral documents totaling more than $1.6 billion. The documents were used to guarantee insurance-linked securities transactions. Lin received the bribes in USDT and converted most of the funds into Hong Kong dollars for personal use. CCB Asia uncovered the conduct through an internal investigation, reported it to Hong Kong’s Independent Commission Against Corruption and provided full assistance. Lin pleaded guilty to one count of conspiracy to cause an agent to accept advantages and remains in custody pending sentencing on Sept. 18.