Derived from Cryptonews, a Beijing court sentenced five individuals to two to four years in prison for operating an illegal foreign exchange scheme involving $166 million in crypto transactions. The group converted client funds into USDT to facilitate cross-border transfers between January and August 2023. The case, revealed at the 2025 Financial Street Forum, highlights China’s growing capability in tracking and prosecuting cross-border crypto crimes. The prosecution used technical methods to trace blockchain transactions and verify evidence from overseas platforms. PBoC Governor Pan Gongsheng reiterated warnings about stablecoins threatening global financial stability.
China Jails Five for $166M Crypto Money Laundering Scheme
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