US arrests two Chinese nationals in $73 million crypto scam

U.S. officials arrested Yicheng Zhang in Los Angeles on Thursday, according to an indictment unsealed in U.S. District Court in California's central district later that day. Daren Li, a dual citizen of China and St. Kitts and Nevis, was arrested at the Atlanta airport in April.The U.S. accused the two of being involved in a type of cryptocurrency investment scam known as pig butchering , which has become a global billion-dollar industry.

Victims were induced online into depositing money into these accounts - funds that were then laundered through U.S. financial institutions to bank accounts in the Bahamas."While fraud in the crypto markets takes on many forms and hides in many far-off places, its perpetrators aren't beyond the law's reach," U.S. Deputy Attorney General Lisa Monaco said in a statement.

Source: Digital Coin News (digitalcoinnews.net)

Chinese Chinese Nationals Pig Butchering Money Laundering

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