Chinese-British Woman Converts £5 Billion Fraudulent Funds into Bitcoin, Involving Over 100,000 Chinese Victims

According to a report released in January by the United Nations Office on Drugs and Crime, Tether (USDT) is at the core of several fraudulent activities, including “Ponzi schemes”. The report also highlights that the development of cryptocurrencies, particularly USDT, along with other rapid technological advancements, has facilitated the long-standing practice of money laundering by organized crime groups in Southeast Asia using illicit gambling dens. Despite extensive law enforcement efforts targeting digital assets in the United States and other regions, criminal organizations continue to use Tether as an effective method for transferring funds, with some casinos even starting to exclusively handle Tether (USDT).