Two Chinese nationals have been detained for their alleged involvement in a $73 million cryptocurrency scam disguised as a “pig butchering” investment scheme. Authorities have arrested the suspects after receiving numerous reports of fraudulent activities linked to the operation. The pair are accused of deceiving investors through promises of high returns on investments in the virtual currency Market. Stay tuned for more updates on this developing story.
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Two Chinese nationals have been charged by US authorities in a cryptocurrency scam that reportedly laundered at least $73 million from victims. Yicheng Zhang was arrested in Los Angeles, while Daren Li, holding dual citizenship of China and St. Kitts and Nevis, was apprehended at the Atlanta airport a month earlier.
The accused individuals are alleged to be involved in a cryptocurrency investment scam known as pig butchering, a scheme that has become a global billion-dollar industry. The US Department of Justice unveiled an indictment accusing Li and Zhang of instructing co-conspirators to open US bank accounts in the name of shell companies to transfer and launder funds.
The victims of this scam were lured online to deposit money into these accounts, which were then funneled through US financial institutions to bank accounts in the Bahamas. US Deputy Attorney General Lisa Monaco emphasized that despite the diverse forms and locations of crypto fraud, the law can still hold such perpetrators accountable.
Li and Zhang are facing charges of conspiracy to commit money laundering and multiple counts of international money laundering. If convicted, they could each receive a maximum sentence of 20 years in prison for every count, according to the Justice Department.
The case highlights the ongoing battle against cryptocurrency scams and the importance of remaining vigilant in the digital finance space. It serves as a stark reminder to investors to exercise caution and due diligence when navigating the complex world of cryptocurrencies.
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1. What happened in the $73M ‘pig butchering’ crypto scam involving two Chinese nationals?
– Two Chinese nationals were arrested for allegedly running a cryptocurrency scam that defrauded investors of $73 million.
2. How did the scam work?
– The scammers promised investors high returns through a fake cryptocurrency investment opportunity called “pig butchering.”
3. How were the suspects caught?
– Authorities were able to track the suspects down and make the arrests after receiving multiple reports from victims who had lost money in the scam.
4. What charges are the Chinese nationals facing?
– The suspects are facing charges of fraud and running an illegal cryptocurrency scheme.
5. What should I do if I think I’ve been a victim of a cryptocurrency scam?
– If you believe you have been scammed in a cryptocurrency scheme, you should report it to the authorities and seek legal advice to recover your lost funds.
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