China Jails Sifang Operators Over $428M USDT Gambling Network

Chinese courts have sentenced five Sifang payment platform operators to between three and six years in prison for their role in a $428 million USDT gambling network. The network processed funds through USDT, bank cards, and third-party payment accounts.

The court found that the group earned 42.85 million yuan by taking a 1.45% commission from merchant transfers linked to overseas gambling websites, but attributed much smaller final profit amounts to several defendants.

Ma's case was the last judgment in a group of prosecutions linked to Sifang, and his conviction for illegal business operations was upheld with a prison term of four-and-a-half years and a fine of 3 million yuan.