Hong Kong banker jailed over $470,000 USDT bribes
- Hong Kong has jailed former China Construction Bank (Asia) manager Lam Chun-yin for four years over USDT bribes.
- Lam admitted accepting more than $470,000 in Tether (CRYPTO:USDT) to authenticate false bank instruments worth over $1.6 billion.
- The court ordered Lam to repay about HK$3.7 million as authorities pursue others linked to the scheme.
Hong Kong has jailed former China Construction Bank (Asia) manager Lam Chun-yin for four years after he accepted USDT bribes.
Lam pleaded guilty to conspiracy after authenticating false standby letters of credit worth more than $1.6 billion.
The Independent Commission Against Corruption said cryptocurrency payments made the bribery harder to detect.
Lam accepted the USDT between April and June 2022 while working in CCB (Asia)'s Consumer Banking Division.
He had no authority to handle business credit facilities or letters of credit.
The court ordered Lam to repay about HK$3.7 million, matching the cryptocurrency bribes identified in the case.
CCB (Asia) uncovered the scheme through an internal investigation and reported it to Hong Kong's anti-corruption authorities.
