The defendant received a five-year sentence for laundering $1 million in Tether (USDT, a U.S. dollar-pegged stablecoin) for overseas fraud operations, amid calls for stricter regulation.
A South Korean court sentenced the head of an illegal cryptocurrency exchange to five years in prison after convicting them of laundering $1 million in Tether (USDT, a U.S. dollar-pegged stablecoin) for overseas fraudsters. The court described the crime as vicious and urged enhanced regulation of stablecoins.