Shanghai Pudong New Area People's Court announced a case of illegal cross-border currency exchange using stablecoins, involving an amount of 6.5 billion yuan.

According to a report by China Times, the Shanghai Pudong New Area People's Court recently announced a case of illegal cross-border currency exchange using stablecoins. Yang, Xu, and others provided stablecoin services to customers through the manipulation of domestic shell company accounts to achieve cross-border transfer of funds, with illegal foreign exchange transactions amounting to 6.50 billion yuan over three years. The criminal gang used $USDT as a medium and adopted a cross-border "matched trading" method to provide illegal exchange services to customers. Domestic customers paid RMB to designated accounts, and overseas gang members simultaneously transferred foreign exchange from overseas accounts to customers' overseas accounts, typically charging a handling fee ranging from 1% to 3%. [ChainCatcher]