Police in Sichuan, once known as the center of Bitcoin mining in China, have made significant progress in their investigation of economic crime. Police uncover a massive underground banking case involving more than $1.9 billion.
The suspects allegedly used the stablecoin USDT to smuggle medicines and cosmetics and carry out overseas asset purchases for clients. A total of 193 suspects were arrested in connection with this case.
The operation was carried out with the support of the Anti-Money Laundering Department of the People's Bank of China Sichuan Branch and the Sichuan Branch of the State Administration of Foreign Exchange.
Recently, US President Joe Biden ordered a Chinese cryptocurrency mining company and its partners to sell land they own near a US nuclear missile base, citing espionage concerns. The land is less than a mile (1.6 km) from an air force base in Wyoming where intercontinental ballistic missiles are stored.
Currently, all cryptocurrency activities are banned in China and miners had to leave the country years ago.
*This is not investment advice.