Former Hong Kong banker sentenced to four years for USDT bribery scheme

A former manager at China Construction Bank (Asia), Lam Chun-yin (Лэм Чуньинь), was sentenced to four years in prison by a Hong Kong court for accepting over $470,000 in USDT to verify fraudulent bank documents. Between April and June 2022, Lam collaborated with individuals from the fintech firm Vesttoo to issue fake standby letters of credit and guarantee letters totaling over $1.6 billion. The scheme was uncovered during an internal investigation by the bank, which subsequently reported the matter to the Independent Commission Against Corruption (ICAC). The court noted that the fraud posed significant risks to the institution and damaged Hong Kong's reputation as a financial hub.