According to BlockBeats, on May 11, a Chinese court dismissed an investor’s lawsuit over a failed USDT forex scheme. The investor, Chen, had invested 480,000 yuan through an intermediary, with funds converted to USDT and transferred to an offshore trading platform, which subsequently closed, resulting in significant losses. The Fuzhou Gulou District People’s Court ruled that the transaction formed a complete cycle of converting yuan to USDT, transferring funds overseas, and trading foreign currency, effectively circumventing forex regulations and violating financial order. The case has been referred to police for further investigation.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Three Men Charged for $6.5M Crypto Armed Robbery in San Francisco and Los Angeles, Posing as Delivery Workers
According to the U.S. Department of Justice, Elijah Armstrong, Nino Chindavanh, and Jayden Rucker were charged with armed robbery and kidnapping targeting cryptocurrency holders in the San Francisco and Los Angeles area from November 22 to December 31, 2025. The three men allegedly impersonated
GateNews3h ago
Goliath Ventures Ex-CEO Delgado Apologizes, Charged With Operating $328M Crypto Ponzi Scheme
According to ChainCatcher, Goliath Ventures ex-CEO Christopher Delgado recently apologized to investors after being charged by U.S. prosecutors with operating a $328 million cryptocurrency Ponzi scheme. Delgado stated he betrayed investor trust and voluntarily returned to face fraud and money
GateNews4h ago
Crypto KOL Yelo Accused of Money Laundering Through Car Rental Business, Faces Up to 30 Years in Prison
According to ZachXBT, on May 12, crypto KOL and former Fortnite professional player Yelo faces accusations of money laundering through his luxury car rental business for threat actors, with charges carrying up to 30 years in prison. The allegations include conspiracy to commit money laundering and h
GateNews5h ago
South Korea's 15 Closed Crypto Exchanges Hold 22.1 Billion Won in Assets, Customer Return Rate at Only 0.3%
According to South Korea's ruling Democratic Party lawmaker Kang Min-guk on May 12, 15 virtual asset exchanges that have ceased operations hold approximately 22.1 billion won in customer assets. However, the actual return rate to customers stands at only 0.3%, with just 74.52 million won returned to
GateNews7h ago
Binance AI Security Systems Prevented $10.5B in Crypto Scam Losses
Binance claims its AI security systems collectively helped save millions of users $10.53 billion in potential losses from scams between Q1 2025 and Q2 2025, according to a blog post published Monday. The world's largest crypto exchange has rolled out approximately two dozen AI-powered security
CryptoFrontier12h ago
India Issues Trust Wallet Drainer Advisory as New Scam Domain Hits BNB Users on May 3
According to India's Ministry of Home Affairs, the national cybercrime body issued a formal advisory on April 20 naming three counterfeit "Verify Crypto Assets on BNB Chain" sites targeting Trust Wallet users. A new drainer domain, buepux.com, joined the list on May 3 and is already blocked by
GateNews14h ago
