US authorities bust $73M crypto scam, make two arrests
The post US authorities bust $73M crypto scam, make two arrests appeared on BitcoinEthereumNews.com. The scammers convinced victims to transfer millions of dollars into U.S. bank accounts, which were then used to launder the illicit funds. United States authorities arrested two individuals accused of masterminding a money laundering scheme. The scheme involved funneling over $73 million through U.S. financial institutions and ultimately converting the funds into Tether’s USDT token. The U.S. Justice Department announced on Friday, May 17, that Daren Li was arrested at Atlanta’s airport in the U.S. state of Georgia on April 12, and Yicheng Zhang was arrested in Los Angeles on Thursday, May 16. An indictment charging the pair was unsealed in a California court on May 16, revealing their alleged roles in the scheme. Li, Zhang, and their cohorts allegedly ran a transnational criminal network that laundered millions from “pig butchering” crypto scams, where fraudsters gain victims’ trust, convince them to invest large sums, and then disappear with the funds. Read more Source: https://cointelegraph.com/news/us-authorities-take-down-73m-crypto-money-laundering-scheme
The post US authorities bust $73M crypto scam, make two arrests appeared on BitcoinEthereumNews.com.
The scammers convinced victims to transfer millions of dollars into U.S. bank accounts, which were then used to launder the illicit funds. United States authorities arrested two individuals accused of masterminding a money laundering scheme. The scheme involved funneling over $73 million through U.S. financial institutions and ultimately converting the funds into Tether’s USDT token. The U.S. Justice Department announced on Friday, May 17, that Daren Li was arrested at Atlanta’s airport in the U.S. state of Georgia on April 12, and Yicheng Zhang was arrested in Los Angeles on Thursday, May 16. An indictment charging the pair was unsealed in a California court on May 16, revealing their alleged roles in the scheme. Li, Zhang, and their cohorts allegedly ran a transnational criminal network that laundered millions from “pig butchering” crypto scams, where fraudsters gain victims’ trust, convince them to invest large sums, and then disappear with the funds. Read more Source: https://cointelegraph.com/news/us-authorities-take-down-73m-crypto-money-laundering-scheme
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