An indictment unsealed in the Central District of California charges two Chinese nationals, Daren Li and Yicheng Zhang, with leading a scheme to launder at least $73 million tied to an international crypto investment scam, often known as “pig butchering.” Li and Zhang allegedly managed a global network that laundered proceeds from fraudulent crypto investments, converting them into cryptocurrency, including stablecoin tether ( USDT). A cryptocurrency wallet involved in the scheme received more than $341 million in virtual assets. The scheme involved creating shell companies to facilitate fund transfers, which were then moved through domestic and international bank accounts to conceal their origins. If convicted, Li and Zhang each face up to 20 years in prison for multiple counts of money laundering.
US Authorities Arrest Chinese Nationals Allegedly Behind Crypto Scam Network
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