China jails Sifang operators over $428M USDT gambling network
Summary
Chinese courts sentenced five operators of the Sifang payment platform to prison terms ranging from three to six years for running a gambling network that processed over 2.95 billion yuan (about $428 million) through USDT, bank cards and third-party payment accounts. The network operated from May 2022 to October 2023, using 105 merchant accounts linked to ten third-party payment companies to channel funds for overseas gambling sites. Specific defendants received terms such as Ma (four-and-a-half years and a 3 million yuan fine), Zhu (five years and 800,000 yuan fine) and Zhang (six years and 850,000 yuan fine). Investigators relied on Tether wallet data and OKX transaction records to trace the crypto flows, highlighting challenges in linking blockchain transfers to individuals under China’s current evidence rules. The case underscores calls from legal scholars and prosecutors for clearer regulations on crypto-related money laundering and asset recovery.
(Source:Crypto News)