Chinese police arrest 63 people accused of laundering $1.7 billion in cryptocurrency via tether stablecoin

Dec 12 2022 by Business Insider

 
A gang is accused of converting illicit proceeds into the tether cryptocurrency.

JUSTIN TALLIS/AFP via Getty Images

Police in China said 63 people accused of laundering as much as 12 billion Chinese yuan ($1.7 billion) using cryptocurrency have been arrested.  A gang is accused the stablecoin tether to launder proceeds from pyramid schemes and other criminal activities.  Police running the investigation destroyed more than 10 money-laundering dens. 

Police in China said they have arrested...

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