Money Mules Charged With Moving $307M In Tether, Converting Sum To Renminbi: Report
Portfolio Pulse from Khyathi Dalal
A Chinese court has sentenced 21 people for online fraud involving the movement of $307 million in Tether (USDT) to local P2P exchanges for conversion to Renminbi. The funds were later withdrawn in traditional currency under false pretenses. The source of the USDT is unknown, but it is a popular digital asset used by fraud rings in Southeast Asia. This comes after China lifted its ban on non-fungible tokens (NFTs) and declared all cryptocurrency transactions as illegal in September 2021.
November 02, 2023 | 6:47 pm
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The case involves the use of Tether (USDT) in a large-scale fraud operation. The source of the USDT is unknown, but it is often used by fraud rings in Southeast Asia.
The news of Tether being used in a large-scale fraud operation could negatively impact its reputation and trust among investors, potentially leading to a decrease in its price in the short term.
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