The Shanghai Pudong Court reported a case of illegal cross-border exchange involving 6.5 billion yuan in stablecoins

ChainCatcher news, according to the Huaxia Times, the Shanghai Pudong New District People's Court recently announced a case involving illegal cross-border currency exchange using stablecoins. Yang and Xu, among others, manipulated domestic shell company accounts to provide stablecoin services for clients to achieve cross-border fund transfers, with illegal foreign exchange transactions amounting to 6.5 billion yuan over three years.

This criminal gang used USDT as a medium and provided illegal currency exchange services to clients through cross-border "matching" methods. Domestic clients paid RMB to designated accounts, while the overseas gang simultaneously transferred foreign exchange from overseas accounts to the clients' offshore accounts, usually charging a fee ranging from 1% to 3%.