China Jails Sifang Operators Over $428M USDT Gambling Network

Chinese courts have handed down prison sentences to five operators of the Sifang payment platform for their roles in a $428 million USDT gambling network.

The network processed over 2.95 billion yuan, or approximately $428 million, through USDT, bank cards, and third-party payment accounts between May 24, 2022, and October 18, 2023.

Prosecutors treated the defendants' work as unlicensed payment settlement activity and charged them with illegal business operations. The five defendants received prison terms ranging from three to six years, along with fines totaling over $1 million.