#稳定币监管风暴 Shanghai police cracked a "crypto arbitrage" case worth 6.5 billion: USDT became a tool for illegal fund transfers, hidden operations conceal multiple risks

When "crypto arbitrage" evolved from an arbitrage method in cryptocurrency trading into a tool for illegal cross-border fund transfers, it ultimately could not escape legal sanctions. Recently, the Shanghai police reported a case involving an amount as high as 6.5 billion yuan related to an "underground bank in the crypto world," where 17 shell companies conducted "wash trading" through USDT (Tether), exposing the gray operations of fund transfers to the light.