On July 20, according to the China Times, the People's Court of Shanghai Pudong New Area recently announced a case of illegal cross-border exchange using stablecoins. Yang, Xu and others achieved cross-border transfer of funds by manipulating domestic shelf company accounts and providing customers with stablecoin services. The amount of illegal foreign exchange traded within three years reached 6.50 billion yuan.
The criminal gang uses USDT as a medium to provide customers with illegal exchange services by cross-border "knock-on". Domestic customers pay RMB to designated accounts, and overseas gangs transfer foreign exchange from overseas accounts to customers' overseas accounts simultaneously, usually charging a handling fee of 1% to 3%.
Shanghai announced a case of illegal cross-border exchange of stablecoins involving 6.50 billion yuan
2025-07-20 01:19:14
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