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Beijing court jails group over $166 million USDT network in major crypto case
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Five people in Beijing received prison terms for a $166 million USDT laundering network, highlighting China’s intensified action against unregistered crypto exchanges and capital-flow violations.
A Chinese court sentenced five defendants for operating an unlicensed crypto exchange that processed more than $166 million in USDT transfers across borders. Investigators uncovered multiple wallets and shell companies used to skirt currency controls and disguise proceeds. The Beijing ruling marks one of China’s largest digital-asset prosecutions since the nationwide trading ban. Sentences ranged from three to seven years, with combined fines exceeding several million yuan, signaling renewed enforcement focus on illegal virtual-currency conversion channels.