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Polskie Stowarzyszenie Bitcoin

Shocking Money Laundering through Cryptocurrencies: Suspects Arrested for $73 Million


American Authorities Arrest Suspects for Laundering $73 Million via Cryptocurrencies

The US Department of Justice has announced the arrest of Daren Lia and Yicheng Zhang in connection with suspicion of participating in a criminal scheme to launder $73 million through cryptocurrencies. The accused individuals were allegedly transferring funds from an investment scam into the stable cryptocurrency USDT.

Individuals Accused of Leading an International Fraudulent Scheme

Daren Li and Yicheng Zhang have been accused of involvement in an international fraudulent investment scheme aimed at money laundering from cryptocurrency investments. According to the charges filed in the Central District of California, Li and Zhang were allegedly converting financial assets through bank accounts of multiple shell companies.

Over $73 Million Laundered Through Bank Accounts in the US and Abroad

The Department of Justice Press Office confirmed that over $73 million was defrauded and laundered through bank accounts in the United States and abroad. These funds were converted into the cryptocurrency Tether (USDT) and sent to locations including the Bahamas.

Accused Facing Severe Consequences

According to court documents, the cryptocurrency wallet associated with the scheme received over $341 million. The Department of Justice has charged Li and Zhang with money laundering conspiracy and six counts of international money laundering, carrying a maximum penalty of 20 years’ imprisonment for each charge.

Lisa Monaco, the US Deputy Attorney General, emphasized: “Cryptocurrency investment frauds exploit the borderless nature of virtual currency and online communication to defraud victims.”

DOJ Previously Seized $9 Million Linked to Another Scheme

It is worth mentioning that in November of last year, the US Department of Justice reported seizing $9 million in Tether (USDT) cryptocurrency linked to an international romance and butcher scheme. This case was also related to money laundering through cryptocurrencies.