Core Viewpoint - The article highlights the illegal currency exchange activities facilitated by virtual currencies, particularly stablecoins like Tether (USDT), which have become a core tool for cross-border illicit transactions in China, with significant amounts involved in these operations [1][4][9]. Group 1: Case Overview - A recent case revealed that individuals used shell companies to provide stablecoins for clients, enabling cross-border transfers, with illegal foreign exchange transactions amounting to 6.5 billion yuan over three years [1]. - Similar cases have emerged, showing that individuals are turning to illegal exchange channels due to strict regulations on foreign currency transfers in China, with some clients paying high fees for these services [2][4]. - The operations often involve a "matching" mechanism where domestic clients pay in yuan, and the overseas group transfers foreign currency to the clients' accounts, effectively splitting the transaction to evade regulatory scrutiny [3][4]. Group 2: Financial Implications - Criminal groups typically charge clients high fees ranging from 1% to 3%, significantly higher than traditional banking channels, making these illegal services attractive despite the risks [6]. - For instance, a case involving a $500,000 exchange could yield profits of approximately 36,000 to 108,000 yuan for the criminal group through fees alone [6]. - The illegal exchange operations have developed a multi-layered profit model, including transaction fees, price differences in virtual currency trades, and arbitrage strategies [6]. Group 3: Market Dynamics - The use of stablecoins like USDT has become prevalent in illegal currency exchanges, with transaction amounts often exceeding hundreds of millions, indicating a growing trend in illicit financial activities [4][8]. - A specific case illustrated the profit potential, where a trader engaged in USDT transactions could earn significant margins due to price fluctuations, leading to a total transaction volume of 14 billion yuan [8]. - The involvement of virtual currencies in these operations has made it easier to obscure the flow of funds, complicating regulatory oversight and enforcement [7][8].

这种 "对敲" 机制的运作逻辑十分明确：境内客户支付人民币至指定账户，境外团伙同步从海外账户划 转外汇至客户境外账户。两笔资金在不同的司法管辖区完成单向循环，全程不发生直接的汇兑交易，从 而将本应处于监管之下的外汇交易分割成两段独立操作，以此逃避监管。 21世纪经济报道记者 郭聪聪 北京报道 当稳定币、去中心化等新概念在资本市场掀起热潮时，其特有的匿名性和去中心化特征正被不法分子恶 意利用，逐渐演变为跨境非法换汇的新型通道。 近期多地司法机关披露的案件显示，以泰达币（USDT）为代表的虚拟货币正在沦为跨境"对敲"（非法 跨境汇兑）的核心工具，21世纪经济报道记者梳理发现，涉案金额普遍高达上亿元，个别案件交易流水 甚至突破百亿元规模。 "这类非法换汇机构已形成多层次的盈利模式。"广强律师事务所合伙人曾杰在接受21世纪经济报道记者 采访时指出，其核心盈利渠道可归纳为三大板块：一是基础交易手续费收入；二是虚拟货币买卖过程中 的价差收益；最重要的是通过"低买高卖"策略实施的双向套利操作。 虚拟货币加持下的"对敲"升级 在传统 "对敲" 模式的基础上，虚拟货币的介入进一步增强了非法换汇的隐蔽性，使得这类高额跨境汇 兑案 ...