Two Chinese nationals arrested for $73M crypto scam in the US
- US authorities arrested two Chinese nationals for their involvement in a $73 million crypto scam.
- The individuals were accused of masterminding a money laundering scheme through shell companies.
- The arrests were made in Los Angeles and Atlanta, highlighting cross-border criminal activities.
U.S. authorities caught two people for running a $73 million money laundering scheme. The Justice Department stated that two Chinese nationals were charged in a cryptocurrency scam that took $73 million from victims. Yicheng Zhang was arrested in Los Angeles, and Daren Li was arrested at the Atlanta airport. They were accused of being part of a cryptocurrency scam called pig butchering, which is a big industry worldwide. The two made others open U.S. bank accounts for shell companies. People were tricked into putting money into these accounts online, and then the money was sent to bank accounts in the Bahamas to hide it. U.S. Deputy Attorney General Lisa Monaco said that even though fraud in the crypto markets happens in many ways and places, the law can still catch those responsible. Li and Zhang are charged with money laundering conspiracy and six counts of international money laundering. If found guilty, they could get up to 20 years in prison for each count.