DOJ Arrests Two In Connection With $73 Million Crypto Laundering Scheme
Summary
Two Chinese nationals, Daren Li and Yicheng Zhang, have been charged by the US DOJ for laundering $73 million in cryptocurrency investment scams. They are accused of running a pig butchering scam, convincing victims to invest in fake cryptocurrency schemes and then disappearing with the funds. The pair allegedly managed an international syndicate to launder the proceeds through US bank accounts and cryptocurrency exchanges. If convicted, they could face up to 20 years in prison per count. The total cryptocurrency market cap is currently around $2.366 trillion with an 8.05% increase in the last week.
