{"id":13629,"date":"2024-05-19T13:36:00","date_gmt":"2024-05-19T10:36:00","guid":{"rendered":"https:\/\/forklog.com\/en\/us-authorities-arrest-two-in-73-million-crypto-fraud-case\/"},"modified":"2024-05-19T13:36:00","modified_gmt":"2024-05-19T10:36:00","slug":"us-authorities-arrest-two-in-73-million-crypto-fraud-case","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/us-authorities-arrest-two-in-73-million-crypto-fraud-case\/","title":{"rendered":"US Authorities Arrest Two in $73 Million Crypto Fraud Case"},"content":{"rendered":"<p>US law enforcement <a href=\"https:\/\/www.justice.gov\/opa\/pr\/two-foreign-nationals-arrested-laundering-least-73m-through-shell-companies-tied\">arrested<\/a> two Chinese nationals, Daren Li and Yichen Zhang, on charges of laundering at least $73 million linked to cryptocurrency fraud.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cCrypto investment fraud exploits the borderless nature of virtual currency and online communications to deceive victims. [\u2026] These arrests reflect the Justice Department&#8217;s ongoing commitment to dismantling the entire cybercrime ecosystem and stopping fraud across all financial markets,\u201d said Deputy Attorney General Lisa Monaco.<\/cite><\/p><\/blockquote>\n<p>According to court documents, Li, Zhang, and other accomplices operated an international syndicate laundering funds obtained through cryptocurrency investment fraud.<\/p>\n<p>Investigators allege that victims were deceived into transferring millions of dollars to US bank accounts opened under the names of numerous shell companies.<\/p>\n<p>These funds were then purportedly moved to other domestic and international accounts of financial organizations and cryptocurrency platform wallets, and converted into the stablecoin USDT.<\/p>\n<p>One of the addresses used in the scheme received assets totaling more than $341 million.<\/p>\n<p>Li and Zhang face up to 140 years in prison.<\/p>\n<p>In May, US authorities charged top executives of the crypto lending platform Cred with conspiracy to commit money laundering and fraud amounting to $783 million.<\/p>\n<p>On April 29, a suspect was arrested in the Netherlands in connection with the ZKasino blockchain casino scam.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US law enforcement arrested two Chinese nationals, Daren Li and Yichen Zhang, on charges of laundering at least $73 million linked to cryptocurrency fraud. \u201cCrypto investment fraud exploits the borderless nature of virtual currency and online communications to deceive victims. [\u2026] These arrests reflect the Justice Department&#8217;s ongoing commitment to dismantling the entire cybercrime ecosystem [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[44,1246,26],"class_list":["post-13629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cybercrime","tag-scammers","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13629","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=13629"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/13629\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/13628"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=13629"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=13629"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=13629"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}