JAKARTA - US authorities have accused two Chinese nationals of a cryptocurrency scam scheme that laundered at least US$73 million (Rp1.16 trillion) from deceived victims. This was announced by the US Department of Justice on Friday, May 17.
US officials arrested Yicheng Zhang in Los Angeles on Thursday, May 16 according to an indictment disclosed in the US District Court in central California districts later that day. Daren Li, a Chinese and St doubles resident. Kitts and Nevis, was arrested at Atlanta airport in April.
The US has accused the two of being involved in a type of cryptocurrency investment scam known as "pig butchering", which has become a multibillion-dollar global industry.
The defendants allegedly gave orders to fellow conspirators to open accounts at US banks on behalf of shell companies.
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The victim was invited online to deposit money into these accounts - funds that were later laundered through US financial institutions into bank accounts in the Bahamas.
"While fraud in the crypto market takes various forms and hides in many remote places, the perpetrators cannot escape the legal reach," US Deputy Attorney General Lisa Monaco said in a statement.
Li and Zhang were both charged with conspiracy to commit money laundering and six counts of international money laundering. If found guilty, the defendants face a maximum sentence of 20 years in prison for each charge.
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