Crypto
Alleged crypto scammers arrested in $73 million 'pig butchering' scheme
The Justice Department said on Friday that it arrested two alleged scammers for laundering “at least” $73 million through shell companies connected to “pig butchering” cryptocurrency investment schemes.
In a pig butchering scam, scammers contact victims online and gain their trust before manipulating them into investing in a fake cryptocurrency.
Daren Li, a 41-year-old dual citizen of China and St. Kitts and Nevis — and resides in China, Cambodia, and the United Arab Emirates, was arrested on April 12 at Hartsfield-Jackson Atlanta International Airport. According to a Justice Department statement, he was subsequently transported to the Central District of California. Yicheng Zhang, 38, a Chinese national and resident of Temple City, California, was arrested on Thursday in Los Angeles, California, the statement said.
The DOJ accused the individuals of having lured victims into depositing money into U.S. accounts. From there, the two allegedly utilized co-conspirators to launder the money through U.S. financial institutions to Bahamas bank accounts, before converting the funds into the stablecoin Tether, also known as USDT.
“Cryptocurrency investment scams exploit the borderless nature of virtual currency and online communications to defraud victims,” said U.S. Deputy Attorney General Lisa Monaco. “While fraud in the crypto markets takes on many forms and hides in many far-off places, its perpetrators aren’t beyond the law’s reach,” the
Li and Zhang face charges of conspiracy to commit money laundering and six counts of international money laundering. According to the Justice Department, if found guilty, they could be sentenced to a maximum of 20 years in prison for each count.
Two days before announcing the arrests, the Justice Department said it arrested two brothers for allegedly stealing roughly “$25 million worth of cryptocurrency within approximately 12 seconds.” And earlier this month, the department charged ‘Bitcoin Jesus’, a.k.a. Roger Ver, with evading nearly $50 million in taxes.
Crypto
Wisdomtree Taps BNY Mellon to Power Onchain Banking With Tokenized Assets
Crypto
Stablecoins are a shaky proposition for your savings. Here’s what to know.
Outside the Box
This so-called ‘safer’ cryptocurrency offers some advantages to investors. But can you trust the providers?
Last Updated:
First Published:
Stablecoin, the purportedly “safer” version of cryptocurrency, is having its moment. On the heels of the GENIUS Act, which Congress passed last July, the value of all stablecoins is now more than $300 billion — roughly 7% of all crypto in circulation.
Stablecoin’s run is even more impressive given that its stability is overrated. Safety and security as an asset vary widely by issuer, and stablecoins offer little benefit to crypto investors and almost nothing to non-crypto investors.
Crypto
Strategy Makes History With S&P’s Credit Rating of a Bitcoin Treasury Company
-
New York5 days agoVideo: How Mamdani Has Evolved in the Mayoral Race
-
World1 week agoIsrael continues deadly Gaza truce breaches as US seeks to strengthen deal
-
News1 week agoVideo: Federal Agents Detain Man During New York City Raid
-
News1 week agoBooks about race and gender to be returned to school libraries on some military bases
-
Technology1 week agoAI girlfriend apps leak millions of private chats
-
Politics1 week agoTrump admin on pace to shatter deportation record by end of first year: ‘Just the beginning’
-
Business1 week agoUnionized baristas want Olympics to drop Starbucks as its ‘official coffee partner’
-
News1 week agoTrump news at a glance: president can send national guard to Portland, for now