“Police in China said they have arrested 63 people facing criminal charges of using cryptocurrency to launder as much as 12 billion Chinese yuan ($1.7 billion). 

A gang in May 2021 started converting proceeds from pyramid schemes, fraud, gambling and other illicit activities into tether, a so-called stablecoin pegged to the US dollar, according to a weekend statement from the Tongliao Public Security Bureau that serves eastern Inner Mongolia. 

At least 130 million Chinese yuan worth of proceeds were confiscated following an investigation that involved more than 200 police officers.”