Chinese Police Bust $1.9B USDT Underground Banking Racket

🚨 Chinese authorities have dismantled a massive $1.9 billion underground banking network using the popular stablecoin Tether (USDT) for illicit currency exchanges! Operating out of Chengdu, these underground operations were involved in smuggling medicine, cosmetics, and investment assets overseas. Police arrested 193 suspects across 26 provinces and seized $20 million (149 million yuan) linked to the operations. Despite China’s strict crypto ban, traders continue to find innovative ways to utilize digital assets. 💸🔒

A report from Kyros Ventures reveals that Chinese traders are among the largest stablecoin holders globally, with 33.3% of investors holding various stablecoins. This resilience is reminiscent of their adaptability following the Bitcoin mining ban, where traders shifted to decentralized finance protocols and virtual private networks to keep their activities alive. The crypto community in China shows no signs of slowing down! 🚀🌐

Hashtags:
#CryptoNews #USDT #Tether #CryptoBan #ChinesePolice #UndergroundBanking #Stablecoins #CryptoCrackdown

Keywords:
Chinese police, $1.9B underground banking, USDT, Tether, stablecoin, currency exchange, Chengdu, arrests, 26 provinces, $20 million, 149 million yuan, smuggling, crypto ban, Kyros Ventures, Chinese traders, stablecoin holders, decentralized exchanges, Bitcoin mining ban, decentralized finance, virtual private networks

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