US Court Indicts Chinese Nationals in $73 Million Cryptocurrency Money Laundering Scheme
CryptoNewsTerminal Staff17 May, 2024
US Court Indicts Chinese Nationals in $73 Million Cryptocurrency Money Laundering Scheme
The US District Court recently revealed the indictment of two Chinese nationals for their involvement in a $73 million cryptocurrency money laundering operation. As per the court's press release, the duo established shell companies to launder the funds, transferring them to bank accounts in the Bahamas. The funds were then converted into USDT, a stablecoin pegged to the US dollar, effectively disguising their illicit origins. This significant development highlights the growing prevalence of cryptocurrency-related financial crimes and the efforts of law enforcement agencies to combat them.
