Shanxi police have cracked a money laundering case involving virtual currency USDT, with over 380 million yuan involved

ChainCatcher news, according to CCTV News, the Public Security Bureau of Qinxian County, Jincheng City, Shanxi Province, recently successfully cracked a fraud case involving money laundering using the virtual currency USDT. A total of 21 criminal suspects were arrested, over 40 mobile phones were seized, more than 200,000 yuan in cash was confiscated, and USDT worth over 1 million yuan was recovered.

Investigation revealed that since October 2021, Zhou had formed an over-the-counter trading group for USDT, purchasing USDT at low prices and then selling it at high prices through WeChat groups and score-running platforms to help individuals involved in online crimes settle payments between USDT and RMB, thereby making illegal profits. According to legal reviews, this criminal group assisted individuals involved in online crimes in settling payments of over 54.8 million USDT, equivalent to approximately 380 million yuan. (Source link)

According to the police handling the case, the so-called "score-running" is a money laundering technique, which involves using one's own bank cards, POS machines, WeChat or Alipay payment QR codes, and virtual currency accounts to collect payments on behalf of others, and then transferring the funds to designated accounts, earning commissions through illegal means. USDT is a blockchain virtual currency issued by a foreign company, and due to its convenience in transactions and anonymity, it has become the preferred choice for virtual currency score-running platforms. As of now, 21 criminal suspects in this case have been subjected to criminal coercive measures in accordance with the law, and the investigation is ongoing.