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Chinese police arrested 21 suspects in a 380 million yuan ($53 million) money-laundering case involving the virtual currency USDT, state broadcaster CCTV reported.
The police conducted an investigation into abnormal activity in the bank account of a resident in Jincheng city, Shanxi province, which indicated a high likelihood of money laundering, the report said.
The criminal group had been conducting money laundering since October 2021 by using over the counter USDT transactions and the group had settled funds of 54.8 million USDT in total, equivalent to about 380 million yuan, it said.
USDT, a cryptocurrency launched by Hong Kong-based Tether in 2014, is a stablecoin pegged to the US dollar. It has been used for money laundering due to the convenient transactions and strong anonymity, the police said.