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Beijing Court Convicts Five in $1.64 Billion USDT Forex Scheme

Beijing Court Convicts Five in $1.64 Billion USDT Forex Scheme

Zhejiang’s Zhoushan Dinghai Court issued prison terms and fines to ten individuals for facilitating over 5 million yuan in fraud-related USDT transfers.

USDT

Summary

On November 1, Zhejiang Zhoushan Dinghai Court sentenced ten defendants for aiding cybercriminal activities through USDT transactions between October 2022 and August 2023. The case involved the transfer of more than 5 million yuan linked to fraud. Prison sentences were handed down for up to 2 years and 11 months, alongside fines reaching 50,000 yuan. Authorities cited the defendants’ role in enabling illegal fund movements via stablecoin transfers as part of ongoing efforts to curb crypto-facilitated financial crimes.

Terms & Concepts
  • USDT (Tether): A stablecoin pegged to the US dollar, often used for transferring value across borders quickly in cryptocurrency form.
  • Stablecoin: A type of cryptocurrency designed to maintain a stable value by pegging it to a reserve asset such as the US dollar.