The US Department of Justice (DOJ) has charged two Chinese nationals for allegedly running a pig slaughter crypto scam and laundering tens of millions of dollars.
In a new press release, the DOJ says Chinese citizens Daren Li and Yicheng Zhang masterminded the pig slaughter scheme, which involved sending unsolicited messages to individuals to build rapport as a way to ultimately introduce them to fraudulent crypto investment opportunities. ”
With promises of huge returns, the duo convinced victims to open bank accounts in the names of shell companies and deposit money into them. The money would then be transferred to a bank in the Bahamas before being converted into USDT, the largest stablecoin on the market.
Prosecutors say Li and Zhang laundered $73 million, while the crypto wallet they found in connection with the scam received more than $340 million in digital assets.
Says US Attorney Martin Estrada:
“Sophisticated financial scams like these pose a dangerous threat to the financial well-being of all Americans. While my office will continue to root out and punish these deceptive schemes, I encourage everyone to educate themselves about pig slaughter and other forms of financial fraud to protect their families from such predatory activities. Vigilance is the key word.”
Li and Zhang have been charged with conspiracy to commit money laundering, as well as six counts of international money laundering. For each count, they risk twenty years behind bars.
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