The "study abroad" company used USDT to launder over 8 million yuan, and 9 suspects were arrested

ChainCatcher news, according to the Qingdao Evening News, the Qingdao police recently handled a case involving money laundering using the virtual currency USDT, arresting a total of 9 suspects, with the involved funds exceeding 8 million yuan.

The case originated from an operation by the Jiaozhou Public Security Bureau in February this year, during which police discovered that suspect Xue was allegedly assisting others in money laundering activities by registering a "study abroad" company and a corporate account while arresting him for telecom fraud. Further investigation revealed that Xue's "partner" Kuang and other suspects were converting illegal proceeds into USDT by purchasing business licenses to open corporate accounts and returning the funds to their source.

Currently, the 9 suspects have been subjected to criminal coercive measures in accordance with the law, and the case is about to enter the review and prosecution stage. The police remind the public not to lend their personal identity information or corporate accounts to avoid being used for illegal activities.