US Edition
Five Plead Guilty to Laundering $36 Million Stolen in Investment Scams
- On Monday, five men admitted guilt for their roles in laundering close to $37 million obtained from American victims through a cryptocurrency scam operated out of Cambodia.
- The defendants used shell companies and U.S. bank accounts to conceal stolen funds obtained through direct contact on social media, messaging apps, and dating sites.
- They converted the stolen money into Tether stablecoins, transferring it to digital wallets controlled from Cambodia, with some defendants located in the U.S., Spain, China, and Turkey.
- Yicheng Zhang and Joseph Wong are each subject to a potential 20-year sentence for their involvement in money laundering, while other defendants could receive up to five years. Meanwhile, Jingliang Su remains in custody as his sentencing is set for November 17, 2024.
- This case highlights ongoing challenges in combating complex international crypto scams and underscores heightened law enforcement focus on such schemes.
11 Articles
11 Articles
BleepingComputer
unsafe.shFive plead guilty to laundering $36 million stolen in investment scams
Five men from China, the United States, and Turkey pleaded guilty to their involvement in an international crime ring and laundering nearly $37 million stolen from U.S. victims in cryptocurrency investment scams carried out from Cambodia.
$36,900,000 Crypto Scam Targeting Americans Taken Down by Feds As Five Men Plead Guilty to Running International Criminal Network - The Daily Hodl
The US Department of Justice (DOJ) has announced that five men have pleaded guilty to a Cambodian-based crypto investment scam that conned victims out of $36.9 million. In a new press release, the DOJ says the international crime ring operated by misleading victims to invest in false digital asset scams. The DOJ says Joseph Wong, Yicheng Zhang, Jose Somarriba, Shengsheng He and Jingliang Su were part of an international criminal network that tri…
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Bitget exchange, in collaboration with blockchain security firms SlowMist and Elliptic, has exposed the terrifying anatomy of the most advanced crypto scams in recent times. These findings come amid rising security incidents, ranging from high-profile attacks to government involvement in crypto laundering attacks. AI Deepfakes, Social Tactics Behind 2025 Crypto Scam Rise: Bitget Report The report cites AI deepfakes, weaponized psychology, and so…
CoinStats - Five Crypto Scammers Plead Guilty to $37M Fra...
Five men have entered guilty pleas for their involvement in a sophisticated cryptocurrency scam that defrauded American citizens of approximately $36.9 million. The United States Attorney’s Office for the Central District of California announced the pleas on Monday, highlighting the scheme’s intricate network of shell companies, U.S. bank accounts, and its ultimate destination: a cryptocurrency scam center located in Cambodia. Crypto Scam Invest…
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