Title: Exposing the $1.9 billion Tether financial bankruptcy in China

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China cracks down on crypto ring: $1.9 billion underground Tether ring busted


Chinese authorities have broken up a massive $1.9 billion underground banking operation in Chengdu that used Tether (USDT) for illegal currency exchange, as the country continues to crack down on crypto transactions.


The recent bankruptcy in China sheds light on the illegal use of cryptocurrencies, particularly Tether, to circumvent capital controls. Despite China’s ban on domestic crypto exchanges and ICOs in 2017, underground activity continues to pose challenges for regulators.

main points

Tether’s stability compared to other cryptocurrencies makes it a preferred instrument for underground banks due to its easy conversion to fiat currency. The use of Tether highlights the regulatory hurdles in controlling decentralized technologies such as cryptocurrencies.

The impact of this bust highlights the need for global cooperation in monitoring cross-border cryptocurrency crime, implementing strict AML measures, and leveraging technological advances to track illicit transactions.


The future of cryptocurrency regulation requires a delicate balance between encouraging innovation and combating criminal activity. Finding this balance is crucial for the healthy development of the cryptocurrency ecosystem in a global context.


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