Hubei police dismantle telecom fraud gang using USDT for money laundering, with the involved amount exceeding 1 million yuan

ChainCatcher reports that according to Jingmen Intermediate People’s Court, the police in Luotian, Huanggang, Hubei, recently dismantled a telecommunications network scam gang that used offline cash withdrawal and virtual currency money laundering, arresting 6 suspects. The gang collected scam funds through the “Cash Withdrawal Fleet,” then had the “U-Coin Exchange Merchant” convert the funds into USDT and transfer them to overseas scammers, forming a complete money laundering chain.

Investigations show that the gang conducted 28 instances of cash withdrawal for telecom fraud funds around Wuhan, with a total involved amount exceeding 1 million yuan. Currently, the core member Liu has been criminally detained for suspected illegal use of information networks, while other members have been detained for suspected concealment and disguising of criminal proceeds.