According to BlockBeats reports, the Qingdao police in China are preparing to conduct an in-depth investigation into a cybercrime case involving the encrypted stable currency USDT. They have captured nine suspects and a staggering 8 million yuan involved in the chaos.
The Qingdao Cybercrime Investigation: Unraveling the USDT Money Laundering Scheme
Reports show that the investigation commenced in February when sharp-eyed police officers learned that Xue, a fugitive criminal suspect, had reappeared at the Madian Police Station.
By February 24, Xue was arrested, leading to the discovery of suspicious messages on his phone hinting at a partnership with another individual.
Tracing USDT in the Operation
A special task force was assembled to dig through transfer records and corporate accounts opened under the guise of “study abroad,” which were used to purchase USDT, a favored digital currency for money launderers.
Following the USDT trail, the police apprehended Xue’s partner Kuang on February 26.
The Criminal Modus Operandi Revealed
Kuang confessed to operating primarily in the digital realm with accomplices Sun and Sui. They devised a scheme involving opening public accounts to launder illegal funds, with Sun coordinating the flow of funds, Kuang facilitating transfers, and Sui purchasing USDT for money laundering purposes.
As the investigation progressed, Sun and Sui confessed to their roles in the operation, ultimately leading to the arrest of six more individuals involved in illegal activities.
Now, facing criminal charges, the perpetrators serve as a cautionary tale to the public: Do not engage in illicit activities involving identity documents or financial accounts.
