Major Money Laundering Ring Using Cryptocurrency Busted in Yueyang

According to Foresight News, Yueyang police have dismantled a significant money laundering operation that used cryptocurrency transactions as a cover. Over 70 officers conducted coordinated raids across more than 10 locations in the city, successfully apprehending 15 suspects involved in the scheme. The criminal group attracted individuals known as 'card farmers' by advertising high prices for USDT through overseas encrypted messaging platforms. These transactions were used to launder money for foreign online gambling and fraud organizations. Over the past six months, the group operated across more than 20 provinces and cities, laundering nearly 170 million yuan and earning illegal profits exceeding one million yuan. The investigation is ongoing as authorities continue to gather evidence and pursue additional leads in the case.