Chinese Court Sentences Nine in $6M USDT Fraud Scheme Targeting Indian Investors

A Chinese court has handed down prison sentences to nine individuals involved in a cryptocurrency scam that defrauded thousands of Indian investors of approximately $6 million using USDT. The case highlights the risks of cross-border crypto fraud and the methods used to exploit unsuspecting victims.

Chinese Fraudsters Jailed for Defrauding Indians of $6M in Crypto Investment Scam

A local court in China recently sentenced nine fraudsters to prison for defrauding 66,800 Indians of about $6 million through a USDT fraud scheme. The scam involved using translation and chat software to gain trust and trick foreigners into investing. The mastermind, He Moutian, orchestrated the fraud in May 2023. The case handled by the People’s Court of Heze Economic Development Zone involved a total of 517 million Indian rupees (about 40 million RMB).

Chinese Fraud Ring Laundered $6m in Tether’s USDT from Indian Victims

A Chinese court sentenced nine individuals for running a telecom fraud ring that defrauded over 66,000 Indian victims. The group stole 517 million Indian rupees (about $6.2 million) by operating fake investment platforms and using false identities. The proceeds were reportedly laundered through Tether’s USDT. The operation was led by a man surnamed He, who started the scheme in May 2023 by renting office space in Shandong Province. He recruited team members, set up overseas servers, and coordinated the Flow of stolen funds. No mention of specific cryptocurrencies or exchanges other than Tether’s USDT was made in the report.

Tether CEO Celebrates 13% Growth in Q1 with Simpsons Meme

Tether CEO Paolo Ardoino has used a viral Simpsons meme to celebrate the stablecoin’s 13% growth in user base throughout the first quarter of 2025. In a recent post, Ardoino announced the increase and posted a meme from The Simpsons, depicting USDT being poured into a cup held by Lisa Simpson, representing Tether users receiving more USDT in their on-chain wallets amidst economic volatility.