Polskie Stowarzyszenie Bitcoin

Shocking scheme of laundering dirty money using cryptocurrencies in the USA

Scandal Related to Laundering Dirty Money Through Cryptocurrencies in the USA

American authorities have arrested two individuals in connection with allegations of running a scheme to launder dirty money through cryptocurrencies. These actions are another example of the growing issue of financial abuses in the world of digital assets.

Arrest of Daren Li and Yicheng Zhang

Daren Li and Yicheng Zhang were arrested at airports in Atlanta and Los Angeles respectively. They are accused of leading a criminal network that funneled over $73 million through U.S. financial institutions and then converted these funds into Tether USDT at a value of $1.00.

The Defendants’ Role in the Scheme

According to reports, Li, Zhang, and other accomplices aimed to obscure the origins of funds from cryptocurrency-related scams. Their actions involved convincing associates to open bank accounts under the names of fake companies. These funds were then used for money laundering and distributed to accounts both domestically and abroad.

Possible Consequences for the Defendants

Daren Li and Yicheng Zhang face charges of conspiracy to launder money and international money laundering, for which they could face up to 140 years in prison. This serves as a warning to others attempting illegal practices involving cryptocurrencies.

Regulatory Authorities’ Response

The increasing cases of abuses related to cryptocurrencies are prompting regulatory bodies to tighten control and take actions to protect investors and prevent money laundering. Despite these measures, certain regulations may impact the development of the cryptocurrency sector, posing another challenge to this rapidly evolving market.