Shanxi police uncovered a money laundering case using USDT, involving more than 380 million yuan, and arrested 21 people

According to CCTV news reports, recently, the Public Security Bureau of Qinshui County, Jincheng City, Shanxi Province successfully cracked a fraud case using the virtual currency USDT for money laundering. 21 criminal suspects were arrested, more than 40 mobile phones were seized, more than 200,000 yuan in cash were seized, and USDT worth more than 1 million yuan was seized. On April 1, 2023, when the Qinshui police checked the clues, they discovered that Zhao Mouyue, a resident of Longgang Town, Qinshui County, had an abnormal fund flow in an account under the name of a certain bank, and there was a major suspicion of "running points" money laundering. The police immediately launched an in-depth investigation. After analysis, judgment and careful investigation, they found that this was an illegal and criminal case of using the virtual currency USDT for money laundering and fraud. After investigation, since October 2021, Zhou has established a USDT over-the-counter trading group, purchased USDT at a low price, and then sold it at a high price through the WeChat group and the running sub-platform to cash in, helping cybercriminals who use information to make payments between USDT and RMB Settlement, illegal profit from it. After review according to the law, the criminal group helped the criminals who used information network to pay and settle more than 54.8 million USDT, equivalent to more than 380 million RMB.