Lam Chun-yin, a 32-year-old former customer relationship manager at China Construction Bank (Asia) Corporation Limited, was sentenced to four years in prison on September 18 after pleading guilty to accepting over 470,000 dollars in USDT (Tether) bribes. In exchange, he falsely authenticated fabricated standby letters of credit and pledge letters with a combined face value exceeding 1.6 billion dollars. Judge Ernest Lin Kam-hung described the misconduct as among the most serious he had encountered, before applying a standard one-third reduction for the guilty plea. The court also ordered Lam to repay approximately 3.7 million Hong Kong dollars to CCB Asia, representing the bank’s direct financial exposure. This case highlights the growing trend of corrupt syndicates using stablecoins to obscure their financial transactions.
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