Rizhao Public Security Bureau cracked down on three underground banks of money laundering acceptors using digital currency USDT, involving more than 30 million yuan

On February 23, it was reported that recently, under the command of the Criminal Investigation Bureau of the provincial department, the New Crime Research and Operation Center of Rizhao Public Security Bureau cracked a case of “double supervision” of the provincial department, killed three underground banks that used digital currency USDT as money laundering acceptors, seized 15 suspect in Xuzhou, Jiangsu, Taizhou, Zhejiang, Zhangzhou, Fujian and other places for several consecutive days, detained 6 vehicles, 10 computers, more than 30 mobile phones, and more than 30 million yuan of funds involved in the case.

Interpretation of this information:

The Criminal Investigation Bureau of the provincial department has successfully cracked a case of “double supervision” with the help of the New Crime Research and Operation Center of Rizhao Public Security Bureau. The case involved the use of digital currency USDT for money laundering, and the authorities were able to kill three underground banks involved in the crime. As a result, 15 suspects were arrested in different places including Xuzhou, Jiangsu, Taizhou, Zhejiang, Zhangzhou, Fujian. During the consecutive days of operations, the authorities were also able to seize 6 vehicles, 10 computers, more than 30 mobile phones, and over 30 million yuan ($4.6 million) of funds involved in the crime.

The use of digital currencies for illegal activities is not a new occurrence. Digital currencies such as bitcoin, ethereum, and USDT have become popular among criminals due to the anonymity that they provide. The case cracked by the authorities in this report highlights the need for increased regulation and monitoring of digital currencies to prevent their use in illegal activities.

The success of the operation is a significant victory for law enforcement agencies in the province as it shows their determination to fight against criminal activities, especially those that pose a threat to the country’s financial stability. The operation also demonstrates the potential of cooperation between different law enforcement agencies, which is critical in the fight against crime in the country.

In conclusion, the report reveals the successful crackdown of a case involving the use of digital currency USDT for money laundering, resulting in the arrest of 15 suspects and the seizure of over 30 million yuan of funds involved in the crime. The operation highlights the need for increased regulation and monitoring of digital currencies, while also demonstrating the potential of cooperation between law enforcement agencies in the fight against crime.