China Jails Five Operators of $428M Illegal Gambling Payment Network

Chinese courts have sentenced five operators of the Sifang payment platform to prison terms ranging from three to six years for running an illegal gambling payment network that processed around $428 million.

The network used USDT, bank cards, and third-party payment accounts to move funds linked to overseas gambling sites.

Investigators traced transactions through blockchain data and exchange records, revealing the group's role in unlicensed payment operations.