Chinese authorities operating out of the Mongolian city of Tonglio announced the arrest of 63 people involved in a massive money laundering scheme involving the Tether stablecoin that netted $1.7 billion in cryptocurrency. According to the police statement, the investigation began when a large surge in deposits totaling more than ten million yuan hit a local bank, triggering the bank’s anti-money laundering protocols. Chinese authorities confiscated a total of 130 million Chinese yuan (approximately $18.6 million) in subsequent raids. According to Chinese police, the criminals formed the group on Telegram and recruited members to open cryptocurrency exchange accounts. The gang would pay members a commission based on how much money they could launder, converting USDT back into Chinese currency.