According to BlockBeats reports, the Qingdao police in China are preparing to conduct an in-depth investigation into a complex cybercrime case involving the encrypted stable currency USDT. They have captured nine suspects and a staggering 8 million yuan involved in the chaos.
Unraveling the Qingdao Cybercrime Case
Reports show that the investigation began in February when police officers from the Madian Police Station of the Jiaozhou Public Security Bureau learned about Xue, a fugitive suspect involved in a telecommunications fraud case.
By February 24, Xue was arrested, leading to the discovery of suspicious messages on his phone hinting at a larger criminal network.
The Trail of USDT
A special task force was formed to delve deeper into the case, following a trail of USDT transactions linked to Xue’s illicit activities.
Through the use of encrypted currency, particularly USDT, the police were able to uncover a complex web of money laundering schemes.
Cracking the Criminal Network
Kuang, Xue’s accomplice, revealed the inner workings of the operation, where digital communication and fake business accounts were used to launder illegal funds.
The investigation led to the arrest of multiple individuals involved in the scheme, with a total of more than 8 million yuan laundered through USDT.
As the case progresses, the Qingdao police are warning the public to be wary of lending out personal documents or accounts to prevent falling into similar criminal activities.
