Shenyang Police Crack Down on Illegal Forex Case Involving BTC and USDT Sales to Mexican Drug Cartels

KuCoinFlash

Release Time:12/20/2025 06:31:55

KuCoin exchange reports that Shenyang police in Liaoning province have cracked an illegal forex case involving Tong Moumou and others. A U.S. tip in April 2024 led to an investigation into Tong’s suspected money laundering for drug traffickers. On May 20, 2024, Tong and Chen Moumou were arrested in Wuhan as they tried to flee. The case involved over 2,000 individuals, hundreds of companies, 49,000 accounts, and 10.56 million transaction records. From 2017, Tong ran a U.S. car dealership and later engaged in illegal forex trading. He sold BTC and USDT to a Mexican businessman, JC, in exchange for USD cash. Tong mainly served Chinese students, merchants, and U.S. gamblers with large currency conversion needs.

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