The U.S. Department of Justice said on the 17th that two Chinese nationals were involved in Crypto Scam , defrauding at least US$ 73 million (about RM340 million) from victims for money laundering. They were arrested by the authorities and charged with at least seven counts.
The Justice Department said Daren Li , 41 , a dual citizen of China and St. Kitts and Nevis and a resident of China, Cambodia and the United Arab Emirates, was arrested at Atlanta Hartsfield - Jackson International Airport on April 12 ; Yicheng Zhang , 38 , a resident of Temple City, California, was arrested in Los Angeles on Thursday . According to court documents, the two and other co-conspirators allegedly managed an international group that laundered the proceeds of cryptocurrency investment scams. Li Daren and Zhang Yicheng are accused of directing co-conspirators to open bank accounts in the names of multiple shell companies. After victims were tricked into wiring funds to the shell companies, the two supervised subordinate co-conspirators to transfer the funds overseas and deposit them into accounts at Deltec Bank in the Bahamas , one of which was operated with Li Daren's financial support.
The Justice Department said the scam laundered more than $ 73 million (about RM340 million) through U.S. financial institutions to bank accounts in the Bahamas and converted them into the virtual asset Tether . A cryptocurrency wallet involved in the scam received more than $ 341 million (about RM1.598 billion) in virtual assets. The Justice Department said both men were charged with conspiracy to commit money laundering and six counts of international money laundering; if convicted, each count carries a maximum sentence of 20 years in prison. The cryptocurrency investment scam these two people were involved in is also known as " pig killing plate " . It originated in China. The scammers build trust and connections with unsuspecting victims, promise huge returns, and coax them to hand over their money. Crypto Scam , including " pig killing plate " , involves billions of dollars, putting victims around the world in trouble.