According to the China Times, the Shanghai Pudong Court has disclosed an illegal virtual currency exchange case involving as much as 6.5 billion yuan. Yang and Xu, among others, transferred funds abroad through the manipulation of 17 shell company accounts, using Tether as a medium to provide illegal exchange services. The gang had a clear division of labor, with a daily capital flow of more than 10 million yuan. The case shows that at the end of 2023, a citizen used their channel to complete the exchange in order to remit money to their daughter and bypass the foreign exchange quota, and the criminal gang charged handling fees for profit. [Wu Blockchain]