A Beijing court has sentenced five individuals to prison terms ranging from two to four years for their involvement in a $166 million cryptocurrency money laundering scheme. The group was found guilty of converting client funds into USDT to facilitate illegal cross-border transfers between January and August 2023. This case, discussed at the 2025 Financial Street Forum, underscores China's enhanced capabilities in tracking and prosecuting cross-border crypto crimes. The prosecution employed advanced technical methods to trace blockchain transactions and gather evidence from international platforms. People's Bank of China Governor Pan Gongsheng reiterated concerns about the potential risks stablecoins pose to global financial stability.