Involved in 170 million! U Coin laundering gang busted, 15 people detained! Yueyang's 'Uncle Hat' successfully dismantled a four-tier black-and-grey industrial chain after days of investigation. The gang used the bait of 'high-priced U purchases' and leveraged USDT for money laundering. 15 suspects were arrested, with the case involving a staggering 170 million yuan. The gang recruited 'card farmers' through the overseas 'Telegram' app, enticing them with an offer of 0.8 yuan above the market price per USDT to provide bank cards. They then funneled illicit funds from telecom fraud and online gambling through a four-tier process: 'dummy accounts - laundering splits - early morning cash withdrawals - backpackers depositing into underground banks,' converting the money into USDT and transferring it abroad. In just six months, they illegally profited over a million yuan. This case highlights why USDT has become the 'tool of choice' for money laundering: stable value, fast cross-border transfers, and strong anonymity, enabling criminals to sever the link between illicit funds and their crimes. Police also seized 52 bank cards and evidence like 'U Shield password notes,' showing that despite the crackdown under the 'Card Breaking Operation,' laundering gangs still evade detection through multi-layered splits and late-night operations. Police reminder: Lending or selling your bank card could make you a 'tool' for crime. Participating in 'high-priced U purchases' or 'crypto transfer services' can easily entangle you in money laundering crimes, potentially leading to criminal charges. CFX ENA ETH Binance HODLer Airdrop Nonfarm Payroll Data Federal Reserve Rate Cut Crypto Market Unemployment Data