{"id":6420,"date":"2023-11-02T14:59:03","date_gmt":"2023-11-02T14:59:03","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=6420"},"modified":"2023-11-02T14:59:03","modified_gmt":"2023-11-02T14:59:03","slug":"300-million-dollar-crypto-fraud-in-china","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/300-million-dollar-crypto-fraud-in-china\/","title":{"rendered":"300 Million Dollar Crypto Fraud in China!"},"content":{"rendered":"

In China<\/strong>, a court convicted 21 individuals related to online crypto fraud and illegal gambling in Tether <\/strong>(USDT) for a total of 2.25 billion RMB<\/strong> (307 million dollars<\/strong>) converted into Chinese Yuan (RMB).<\/p>\n

According to court documents, two individuals named Jiang and Zheng attempted to enlist an additional 19 money mules in this criminal organization. They used Bitpie, a decentralized wallet used on virtual currency platforms (similar to Metamask), to carry out the transaction and convert USDT into Reminbi in local P2P<\/strong> exchanges.<\/p>\n

This case reflects the activities of a large revenue transfer network associated with online crypto fraud and illegal gambling in China. The decision taken by the court emphasizes the importance of these crimes and shows that criminals will face the strict application of laws.<\/p>\n

\n

You might like: Binance Starts Futures Trading for This Altcoin!<\/strong><\/em><\/a><\/p><\/blockquote>\n

\n

Later, when asked for a reason for the transfer process, they withdrew the fiat currency in different cities of the country with excuses such as project payments and worker fees using fake excuses. According to court documents, it was stated that Jiang made a profit of 22.62 million RMB (3 million dollars)<\/strong> from these activities. The court found the group members guilty of hiding crime revenue and sentenced them to various prison sentences and fines. The court sentenced Jiang to six years and three months in prison and fined him 500,000 RMB<\/strong>. Similarly, the court fined Zheng a similar amount and sentenced him to 6 years<\/strong> in prison.<\/p>\n

The court document does not mention the origin of USDT<\/strong>, but scam networks operating in Southeast Asia popularly use it as a digital asset.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram<\/strong>,<\/a>\u00a0YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

In China, a court convicted 21 individuals related to online crypto fraud and illegal gambling in Tether (USDT) for a total of 2.25 billion RMB (307 million dollars) converted into Chinese Yuan (RMB). According to court documents, two individuals named Jiang and Zheng attempted to enlist an additional 19 money mules in this criminal organization.<\/p>\n","protected":false},"author":2,"featured_media":6419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[1205,1530,2313,2169,971,118,119],"class_list":["post-6420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-china","tag-crypto-fraud","tag-crypto-fraud-in-china","tag-crypto-scam","tag-scam","tag-tether","tag-usdt"],"yoast_head":"\n300 Million Dollar Crypto Fraud in China! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"In China, a court convicted 21 individuals related to online crypto fraud and illegal gambling in Tether for a total of 307 million dollars.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/300-million-dollar-crypto-fraud-in-china\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"300 Million Dollar Crypto Fraud in China! 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