A gang in Fujian, China, is using USDT for money laundering, with involved funds exceeding 13.3 billion yuan

ChainCatcher news, in the first half of this year, the People's Court of Hanjing District, Fujian Province, China, ruled on a virtual currency-related criminal case initiated by the court. Individuals including Yan, Zheng, and Lin used the virtual currency USDT (Tether) to establish an underground foreign exchange trading network, soliciting clients through overseas chat software, and illegally exchanging RMB and foreign currencies using "U coins" as a medium, with the involved bank account transactions exceeding 13.3 billion yuan. It was verified that the amount of illegal foreign exchange transactions was 25.62 million yuan.

The gang also withdrew cash exceeding 478 million yuan from multiple banks in Fujian Province, purchased "U coins," and transferred them to upstream criminal wallets to "launder" cross-border criminal funds, profiting from the price difference. After Lin was brought to justice, he completely denied the criminal facts. The court guided the public security authorities to extract three key voice messages sent from the mobile phones of co-defendants and commissioned a forensic identification agency to conduct voiceprint comparisons. The identification confirmed that the tested voice matched Lin's voice sample, ultimately establishing the evidential connection between the involved account and the defendant Lin, solidifying the basis for the charges. Lin, who had previously insisted on his innocence, confessed and pleaded guilty in court.

In response to the controversy over the case's classification, the court organized multiple consultations with public security and the judiciary to reach a consensus. Ultimately, the court sentenced Yan, Zheng, Lin, and 12 others to fixed-term imprisonment ranging from 8 months to 3 years for the crimes of illegal business operations and assisting in information network criminal activities, along with fines.