How $37 million stolen from Americans moved through a Bahamas bank into Tether’s USDT
Summary
Zheng Zhao, a Chinese national accused of helping launder $36.9 million stolen from 174 U.S. victims in crypto investment scams, was extradited from the Netherlands and appeared in federal court in Los Angeles. Prosecutors allege the network routed funds through shell companies and bank accounts, converted them to USDT, and sent the cryptocurrency to operators in Cambodia. Zhao faces a money-laundering conspiracy charge and could receive up to 20 years in prison if convicted; he remains presumed innocent. Eight other participants have pleaded guilty, and several have been sentenced. His arraignment is scheduled for Nov. 30.
