Hong Kong Bank Manager Jailed Four Years for USDT Bribery Scheme
A former relationship manager at China Construction Bank (Asia) has been sentenced to four years in prison for accepting over $470,000 in Tether (USDT) bribes to authenticate fake bank documents. Lam Chun-yin, 32, pleaded guilty to one count of conspiracy and was ordered to pay restitution of about HK$3.7 million to the bank.
The ICAC said Lam conspired with an employee of a fintech company and others to receive USDT worth over $470,000 in exchange for authenticating multiple false standby letters of credit. Those instruments were then used as guarantees for insurance-related investment transactions without the bank's authorization.
An ICAC spokesperson noted that the commission cracked down on the scheme even though those involved attempted to conceal corrupt activities by using cryptocurrency to channel bribe payments indirectly.