UK authorities uncover multi-billion dollar crypto laundering scheme

The authorities in the UK, in cooperation with other agencies overseas, have uncovered a large-scale cryptocurrency money laundering scheme, the Financial Times has reported. The scale of the money laundering is known to be in the tens of billions of dollars, with most of the activity involving the use of Tether’s U.S. dollar stablecoin, USDT. The UK’s National Crime Agency (NCA), which has led the investigation, asserts that based on the investigation so far, it has been determined that drug cartels, contract killers, cocaine traffickers and Russian spies have used the money laundering network.