In a significant legal development, a court in Tongliang, China has delivered verdicts for 21 individuals involved in the illicit transfer of $307 million worth of Tether (USDT) into Chinese Yuan (RMB). These individuals utilized a decentralized wallet, Bitpie, to convert USDT to RMB on virtual currency platforms and subsequently withdrew fiat currency through deceptive means.
The court has found these individuals guilty of their illegal activities, resulting in prison sentences and fines as penalties. This case underscores China’s commitment to regulating digital currency transactions and maintaining the integrity of its financial system.
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