Former CCB Asia Manager Convicted in $1.6 Billion Fraud Involving Tether Bribes

A former client manager at China Construction Bank (Asia) (CCB Asia) pleaded guilty in Hong Kong District Court to accepting $470,000 in Tether (USDT) bribes. The official helped certify over $1.6 billion in fraudulent standby letters of credit and mortgage documents. The defendant converted most of the crypto into cash. The Independent Commission Against Corruption (ICAC) noted that cryptocurrencies are increasingly used in financial corruption due to their speed and difficulty in tracing.