Bullish
Gambling Ring Settles 2.95B Yuan via USDT, Leaders Sentenced
2026-07-26 16:07:08
Court upholds verdicts for illegal business operations involving 2.95B yuan in gambling settlements via USDT and third-party payment channels.
Woofun AI reports that the Intermediate People’s Court of Xilin Gol League in Inner Mongolia upheld a second-instance judgment regarding illegal business operations. The case involves Ma and four others who utilized third-party payment accounts and virtual wallets to settle funds for gambling platforms.
From May 24, 2022, to October 18, 2023, the group processed over 2.95 billion yuan through 105 merchants linked to 10 payment companies, receiving commissions in USDT. Ma received a four-year-six-month prison term and a 3 million yuan fine, while accomplices were sentenced to three to six years.
WOOFUN AI
Impact Assessment · Quick Read
This high-value conviction highlights regulatory scrutiny on using stablecoins like USDT for illicit settlement flows. The use of third-party payment infrastructure suggests persistent vulnerabilities in compliance checks for virtual asset transactions. Such enforcement actions may increase operational risks for entities facilitating cross-border crypto settlements without robust KYC protocols.
Generated by WOOFUN AI · For reference only, not investment advice
Comments
No comments yet.