The U.S. Department of Justice (DOJ) has indicted two Chinese nationals for allegedly laundering tens of millions of dollars in a pig-butchering crypto scam.
In a new press release, the Department of Justice claims that Chinese nationals Darren Li and Yichen Zhang were the ringleaders of the pig butchering scam and ultimately used private individuals as a means to introduce fraudulent virtual currency “investment opportunities.” He said that he had built a relationship of trust by sending unsolicited messages to the company. ”
Promising huge profits, the two persuaded the victims to open bank accounts in the name of the shell company and deposit funds into them. The funds are then transferred to a bank in the Bahamas before being exchanged into USDT, the largest stablecoin on the market.
Prosecutors said Li and Zhang laundered $73 million, and the cryptocurrency wallets found to be linked to the fraud received more than $340 million worth of digital assets.
U.S. Attorney Martin Estrada said:
“Sophisticated financial fraud like this is a dangerous threat to the economic well-being of all Americans. We encourage you to learn about pig butchering and other types of financial fraud to protect your family from fraudulent activity.”
Mr. Li and Mr. Zhang are charged with conspiracy to commit money laundering and six counts of international money laundering. Each charge could carry up to 20 years in prison.
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