Crypto Trader Jailed for $16 Million USDT Money Laundering Scheme

A Chinese court has sentenced a cryptocurrency trader, Xiao Yang, to prison for operating a large-scale money laundering scheme involving USDT transactions. He used WeChat for buyer and seller connections and a personal TP wallet for payment processing, handling over 10,000 USDT transactions in just three months. His operations moved more than 30.3 million USDT tokens, valued at over 120 million yuan, ultimately resulting in illegal profits of around 440,000 yuan.