US Justice Department Arrests Two for $73 Million Cryptocurrency Laundering Scheme
CryptoNewsTerminal Staff18 May, 2024
US Justice Department Arrests Two for $73 Million Cryptocurrency Laundering Scheme
The US Justice Department has arrested two men, Daren Li and Yicheng Zhang, in Los Angeles for their alleged involvement in a multi-million dollar cryptocurrency fraud and money laundering scheme, according to a recent announcement. The pair is accused of engaging in a “pig butchering” scam, where they gained victims’ trust and persuaded them to invest large sums of money before vanishing with the funds. The investigation revealed that Li and Zhang allegedly laundered over $73 million through bank accounts in the Bahamas, converting the stolen funds into Tether (USDT), a stablecoin pegged to the US dollar. If convicted, the two could face up to 140 years in prison. This case highlights the growing use of cryptocurrencies in illicit activities and underscores the importance of investor vigilance and law enforcement efforts to combat these schemes.
