Shanxi police cracked a money laundering case involving USDT cryptocurrency, involving more than 380 million yuan.

According to a report by CCTV News on July 18th, the public security bureau of Qinshui County, Jincheng City, Shanxi Province, recently successfully cracked a fraud case involving money laundering using the virtual currency USDT. 21 criminal suspects were arrested, more than 40 mobile phones were seized, and over 200,000 yuan in cash and more than 1 million yuan worth of USDT were confiscated. Investigations revealed that since October 2021, Zhou has been buying USDT at low prices through off-exchange trading groups and selling them at high prices through WeChat groups and score running platforms to help information network criminals make illegal profits by facilitating payment settlements between USDT and RMB. After examining the evidence, it was found that the criminal group had helped information network criminals settle more than 54.8 million USDT, equivalent to over 380 million yuan. According to the investigating police, "score running" is a money laundering method that involves using one's own bank card, POS machine, WeChat or Alipay QR code, and virtual currency accounts to collect payments on behalf of others, and then transfer them to designated accounts to earn commissions. USDT is a blockchain virtual currency issued by a foreign company and has become the preferred currency for virtual currency score running platforms due to its convenience of trading and anonymity. As of now, the 21 criminal suspects in the case have been taken into custody and the case is under further investigation.