On September 18, a Hong Kong court sentenced former China Construction Bank (Asia) manager Lam Chun-yin to four years in prison. According to the Independent Commission Against Corruption (ICAC), Lam pocketed more than $470,000 in USDT in exchange for verifying fake bank documents.

What ICAC Uncovered

The anti-corruption agency said Lam was paid in USDT stablecoin to rubber-stamp bogus paperwork tied to $1.6 billion. From April to June 2022, he worked with an employee from fintech firm Vesttoo to pull off the scheme.

Lam’s Role and Authority

ICAC clarified that Lam, 32, worked with retail clients at the bank's Causeway Bay branch. He had no authority over corporate loans or letters of credit, and the bank never authorized him to handle those types of documents.

Payouts and Timeline

Investigators say Lam received more than $470,000 in USDT for the fake verifications, all tied to documents totaling $1.6 billion. The incidents happened between April and June 2022, according to ICAC.