Media: Suspected Nanning OTC trader arrested for using USDT to launder money for telecom fraud

Recently, an OTC trader in Nanning was suspected of assisting telecom fraud criminals in money laundering and was arrested by the police. This indirectly shows that the combination of USDT, cryptocurrency and telecom fraud in China is becoming increasingly close, which may bring more card freezing risks to ordinary users, and OTC traders also need to increase their screening efforts.

Information released by Guilin Internet Police Patrol and Diecai Police Station shows that Luo Mou carried out virtual currency transactions online by buying high and selling low, thereby providing a money laundering platform for criminals. Online traders must purchase Bitcoin and other items through USDT currency transactions, and Luo Mou is the "middleman" who sells USDT virtual currency to those in need and finally exchanges it for cash.

This type of currency transaction does not require the use of real names or bank accounts, so criminals can avoid the monitoring of law enforcement personnel and commit crimes. At present, the suspect Luo has been detained by the public security organs in accordance with the law, and the case is under further investigation. Many industry insiders said that according to the description in the article, Luo should be an OTC trader.