Court Seizes 6.5 Billion Yuan in Illegal Stablecoin Network
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最新报道：A Chinese court has seized 6.5 billion yuan ($900 million) from an illegal stablecoin operation involving over-the-counter (OTC) trading and money laundering. The operation, uncovered in Hunan province, used USDT to facilitate illegal transactions, including underground banking and cross-border money transfers. Authorities arrested 93 suspects and froze 1.8 billion yuan ($250 million) in assets. The network allegedly helped criminals evade China's strict capital controls by converting yuan to USDT and then to foreign currencies. This crackdown highlights China's intensified efforts to regulate cryptocurrency-related financial crimes amid its broader ban on crypto trading and mining.
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