• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Rajasthan Cybercriminals Funnel Money Abroad Using USDT

user avatar

by Giorgi Kostiuk

2 months ago


In Rajasthan, cybercriminals are using stablecoins to transfer illicit funds abroad, as revealed following the arrest of local mules.

Arrest of Mules and Fund Transfer Scheme

Local police have arrested several mules who played a critical role in converting over INR 1 crore (approximately $115,546) into Tether (USDT) before funneling it into international cybercriminal networks. These funds, sourced from digital scams like 'digital arrest' frauds, were routed through local mules into cryptocurrency and sent to exchanges based in Dubai and France.

Schemes Used and Arrests

Cybercriminals typically acquire bank accounts, ATM cards, mobile phones, and SIM cards from locals, allowing them to deposit illicit funds on local crypto exchanges. During a recent arrest, police recovered four mobile phones and eight SIM cards from the suspects, linked to their crypto laundering activities. Previously, authorities had dismantled a similar money laundering ring leveraging USDT, which led to the arrest of 15 suspects.

Countermeasures and Chainalysis Collaboration

Tether, the largest stablecoin by market capitalization, is actively working with Chainalysis to develop a transaction monitoring platform that would track secondary market activity and identify suspicious transactions. Later, in September, the stablecoin issuer partnered with blockchain network Tron and TRM Labs to establish the T3 Financial Crime Unit to monitor illegal activity involving USDT on the Tron network.

The use of stablecoins for illicit financial activities is drawing increasing attention from law enforcement and blockchain industry players aiming to develop mechanisms to combat such crimes.

0

Share

Other news

Arthur Hayes Anticipates Bitcoin Surge to $250,000 Amid U.S. Economic Policy Changes

Arthur Hayes predicts Bitcoin will hit $250,000 by 2025 due to economic policy changes and increased liquidity.

user avatarGiorgi Kostiuk

a minute ago

MAGACOINFINANCE: Key Crypto Project of 2025

MAGACOINFINANCE finds its place among the top 2025 crypto projects, standing out with its growth potential and relevant offerings.

user avatarGiorgi Kostiuk

11 minutes ago

BlockDAG Achieves Significant Funding Growth Following Beta Testnet Launch

BlockDAG successfully raised $5 million within 48 hours of its beta testnet launch, demonstrating a significant investor interest.

user avatarGiorgi Kostiuk

43 minutes ago

Analysis of Aptos, ONDO, and Qubetics: Promising Cryptos for 2025

Aptos, ONDO, and Qubetics have established themselves as key players in the cryptocurrency world in 2025.

user avatarGiorgi Kostiuk

43 minutes ago

BlockDAG Launches Testnet Mirroring Real World Tokenomics

BlockDAG's testnet models tokenomics while Dogecoin shows volatility and Ethereum Classic remains steady.

user avatarGiorgi Kostiuk

an hour ago

Atkins' SEC Nomination Advances in U.S. Senate Committee

Atkins' nomination progresses, hinting at potential regulatory shifts for digital assets.

user avatarGiorgi Kostiuk

an hour ago

dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.