#稳定币监管风暴 Shanghai police cracked a 6.5 billion "crypto arbitrage" case: USDT became an illegal fund transfer tool, covert operations hide multiple risks

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