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The Chinese police forces have burst a large underground banking operation using the popular stablecoin Tether to facilitate transfers of up to 13.8 billion yuan .from local media house Weixin, the Public Security Bureau of Chengdu Municipal arrested 193 suspects linked to the case and froze 149 million yuan after raiding the operation’s location.
In June 2023, the Ministry of Public Security created a task force that raided six municipalities, including Shanghai, Changsha, Nanjing, Shenzhen, Fuzhou, and Jinhua, in search of the underground banks. The raid led to the arrest of 25 suspects and the seizure of many payment instruments, including bank cards and U-shields.
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