Peng Jing, founding partner of Chongqing Jingsheng Law Firm, has been detained by authorities amid a widening investigation into bribery and money laundering involving stablecoins. This follows the March 20 investigation of Chongqing Mayor Hu Henghua and the April 17 downfall of Chongqing Party Committee member Luo Lin. Peng is suspected of facilitating money laundering under the guise of legal fees.
Sources indicate that Lin Kechuang, son-in-law of Lin Xiucheng, paid Hu Henghua 30.8 million USDT (approximately 210 million RMB), with 10 million USDT as an exchange fee. Authorities, after gaining control of Hu’s cold wallet, discovered additional funds in six other wallets linked to Lin, including a 15.5 million USDT transfer to Luo Lin. Luo was detained on April 14, and his concealed cold wallet has been seized.