According to 21st Century Business Herald, the Shanghai Pudong Court disclosed an illegal virtual currency exchange case involving as much as 6.5 billion yuan. Yang, Xu, and others transferred funds abroad through 17 shell company accounts using Tether as a medium, providing illegal exchange services. The gang had a clear division of labor, with an average daily capital flow of more than 10 million yuan. The case shows that at the end of 2023, a citizen remitted money for his daughter to bypass the foreign exchange quota and used their channel to complete the exchange, and the criminal gang charged a handling fee for profit. [Foresight News]