Cryptocurrency fraudsters who laundered more than $ 341 million in digital assets could be jailed for 140 years

U.S. law enforcement officials have arrested two Chinese nationals on charges of organizing a cryptocurrency money laundering scheme. The criminals transferred more than $ 73 million through US financial institutions, which were then converted into the Tether token.

Daren Lee was arrested on April 12 at the Atlanta, Georgia airport, and Yicheng Zhang was detained in Los Angeles on May 16. The indictment against them was unsealed in a California court on May 16.

According to the U.S. Department of Justice, Li, Zhang, and their accomplices ran an international syndicate that laundered the proceeds of cryptocurrency fraud using the Pig Buthering method. Victims transferred millions of dollars to shell companies, then transferred the funds to various domestic and international bank accounts and cryptocurrency platforms to conceal the source and owners of the money.

More than $ 73 million was laundered through US financial institutions, transferred to bank accounts in the Bahamas and converted into USDT tokens. The crypto wallet involved in the scheme reportedly received more than $ 341 million in virtual assets.

Li and Zhang are charged with conspiracy to commit money laundering and six counts of international money laundering. If convicted, they each face up to 20 years in prison for each count, which could total 140 years in prison.