In a remarkable breakthrough, Chinese officials captured 21 people involved in a huge money laundering network that laundered 380 million yuan ($55 million) in Tether (USDT) across four regions. The news, as reported by CCTV, illustrates the scope of this illegal enterprise and the subsequent attempts undertaken by law authorities to apprehend these offenders.

Back in April, police in Qinshui County discovered odd activity in the bank account of a person called Mouyue Zhao. The erratic flow of monies strongly suggested that money laundering was taking place. A thorough investigation later revealed the presence of a well-organized organisation that had been running an over-the-counter (OTC) trading ring for several years.

tether coin

The group’s business model comprised purchasing USDT at a discount and reselling it through WeChat groups, so offering an easy conduit for criminals to cleanse their illicit gains.

Chinese law enforcement tracked down members of this Tether money laundering network in six cities across four provinces, including Guangxi, Jiangxi, Henan, and Anhui, in a stunning demonstration of diligence. A total of 50 officers were assigned to three specialised arrest squads. As a consequence, all 21 suspects were captured successfully, and a substantial amount of evidence was recovered, including over 40 mobile phones, 200,000 yuan ($28,000) in cash, and 1 million yuan ($140,000) in USDT.

According to reports, the Chinese authorities interrogated the accused thoroughly, leading to confessions from each individual involved. These revelations provide insight on Tether’s role in enabling these criminals’ money laundering schemes.

CCTV footage captured the moment the suspects were escorted onto a bus, their identities hidden by face masks. Police officers posed for a photo outside the police station, symbolising a big triumph in their continuous fight against financial crimes.