China Shuts Down Gambling Sites Using Tether

China this weekend has cracked down on gambling sites tied to the tether stablecoin.

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Seventy-seven arrests have been made thus far, and three gambling sites were shut down.

China alleges money laundering activity where “whitewashing" was implemented to obscure funds through the illegal online gambling activity.

The total amount involved in the reported laundering is around 120 million yuan, or $17.95 million.

- Jagajeet Chiba, Gambling911.com