The US Department of Justice has uncovered a criminal scheme of the Chinese mafia, which earned more than $341 million in cryptocurrency.
US authorities have arrested two Chinese citizens accused of organizing a money laundering scheme. The criminals transferred more than $ 73 million through US financial institutions, which were then converted into the USDT (Tether) token.
Daren Lee was arrested on April 12 at the Atlanta airport, Georgia, and Yicheng Zhang was detained in Los Angeles on May 16. The indictment against them was revealed in a California court on May 16, which described their alleged roles in the criminal scheme.
According to the US Department of Justice, Li, Zhang and their associates operated an international syndicate that laundered the proceeds of cryptocurrency fraud using the Pig Butchering method. Victims transferred millions of dollars to shell companies, then transferred these funds to various domestic and international bank accounts and cryptocurrency platforms to hide the source and owners of the money.
More than $73 million was laundered through US financial institutions, transferred to bank accounts in the Bahamas and converted into USDT (Tether) cryptocurrency. It is reported that the crypto wallet involved in the scheme received more than $341 million. in virtual assets.
Li and Zhang are charged with conspiracy to launder money and six counts of international money laundering. If found guilty, each of them faces up to 20 years in prison for each episode, which could add up to 140 years in prison.
US authorities have arrested two Chinese citizens accused of organizing a money laundering scheme. The criminals transferred more than $ 73 million through US financial institutions, which were then converted into the USDT (Tether) token.
Daren Lee was arrested on April 12 at the Atlanta airport, Georgia, and Yicheng Zhang was detained in Los Angeles on May 16. The indictment against them was revealed in a California court on May 16, which described their alleged roles in the criminal scheme.
According to the US Department of Justice, Li, Zhang and their associates operated an international syndicate that laundered the proceeds of cryptocurrency fraud using the Pig Butchering method. Victims transferred millions of dollars to shell companies, then transferred these funds to various domestic and international bank accounts and cryptocurrency platforms to hide the source and owners of the money.
More than $73 million was laundered through US financial institutions, transferred to bank accounts in the Bahamas and converted into USDT (Tether) cryptocurrency. It is reported that the crypto wallet involved in the scheme received more than $341 million. in virtual assets.
Li and Zhang are charged with conspiracy to launder money and six counts of international money laundering. If found guilty, each of them faces up to 20 years in prison for each episode, which could add up to 140 years in prison.
