Pig Butchering Scam
The US Department of Justice (DOJ) has charged two Chinese nationals, Daren Li and Yicheng Zhang, with running a “pig butchering” crypto scam. The scheme involved luring victims with promises of high returns on crypto investments.
Money Laundering
Prosecutors allege that Li and Zhang laundered $73 million through shell companies and a Bahamas bank. They also converted the funds into USDT, a stablecoin. A crypto wallet linked to the scam received over $340 million in digital assets.
Charges
The duo faces charges of conspiracy to commit money laundering and six counts of international money laundering. Each charge carries a potential sentence of up to 20 years in prison.
Warning
US Attorney Martin Estrada emphasized the threat posed by financial scams and urged vigilance. He encouraged individuals to educate themselves about pig butchering and other types of fraud to protect themselves.
