"US Arrests Suspects Behind $73M Pig Butchering Laundering Scheme"

​The Department of Justice (DoJ) recently charged two suspects for allegedly leading a crime ring that laundered at least $73 million from cryptocurrency investment scams, also known as "pig butchering." In pig butchering scams, criminals approach targets using various messaging apps, dating platforms, or social media platforms to build trust and introduce them to investment schemes that help them drain the victims' cryptocurrency wallets. The DoJ noted that instead of investing the victims' funds as initially promised, the fraudsters siphon all their cryptocurrency to accounts and crypto wallets under their control. Chinese nationals Daren Li and Yicheng Zhang were arrested on April 12 at Hartsfield-Jackson Atlanta International Airport and yesterday in Los Angeles. According to the DoJ, Li and Zhang directed associates to open bank accounts, and they also monitored the transfer of more than $73 million to Deltec Bank in The Bahamas, where the money was converted into cryptocurrency, including USDT (Tether). While investigating the scheme, law enforcement agents discovered over $341 million in cryptocurrency in one of the crypto wallets used for money laundering. Li and Zhang are charged with conspiracy to commit money laundering and six counts of international money laundering. If convicted, they face a maximum penalty of 20 years in prison for each count.

BleepingComputer reports: "US Arrests Suspects Behind $73M Pig Butchering Laundering Scheme"