Beijing Court Jails Five in $166M USDT Forex Crime Case

In a landmark case highlighting China’s crackdown on cryptocurrency-based illicit financial activity, five individuals have been sentenced to prison for using Tether (USDT) for disguised cross-border currency exchange. The case, unveiled through the Beijing Municipal People’s Procuratorate’s Exemplary Cases of High-Quality and Effective Performance of Financial Procuratorial Duties report, sheds light on how digital assets are being exploited for financial crimes.