A court in China sentenced 21 people to prison for committing $307 million fraud.
A court in China’s Tongliang province ruled that he had earned money through fraud and illegal casino operations. $307 million worth USDT to yuan sentenced the organization that transformed it to prison.
According to the statement made by the court, two individuals whose surnames are Jiang and Zheng, With 19 money couriers worked together. The organization is similar to MetaMask for cryptocurrency transactions, Bitpie He used a decentralized wallet called.
The organization transfers the USDTs it collects to peer-to-peer (P2P) exchanges through this wallet and transfers them to those platforms. to local currency transformed.
Later project expenses, employee salaries They withdrew this money in different cities of China, giving reasons such as.
According to court documents, Jiang spent approximately 3 million dollars made a profit.
The court sentenced members of the organization to prison terms of different lengths. Jiang was sentenced to six years and three months in prison and a fine of 500,000 RMB. Zheng was sentenced to the same amount of fine and six years in prison.