Menu

  • Alerts
  • Incidents
  • News
  • APTs
  • Cyber Decoded
  • Cyber Hygiene
  • Cyber Review
  • Cyber Tips
  • Definitions
  • Malware
  • Threat Actors
  • Tutorials

Useful Tools

  • Password generator
  • Report an incident
  • Report to authorities
No Result
View All Result
CTF Hack Havoc
CyberMaterial
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
Hall of Hacks
  • Education
    • Cyber Decoded
    • Definitions
  • Information
    • Alerts
    • Incidents
    • News
  • Insights
    • Cyber Hygiene
    • Cyber Review
    • Tips
    • Tutorials
  • Support
    • Contact Us
    • Report an incident
  • About
    • About Us
    • Advertise with us
Get Help
No Result
View All Result
Hall of Hacks
CyberMaterial
No Result
View All Result
Home News

Chinese Nationals Face Crypto Scam Charges

May 20, 2024
Reading Time: 2 mins read
in News
Chinese Nationals Face Crypto Scam Charges

The U.S. Department of Justice has pressed charges against two Chinese nationals, Daren Li and Yicheng Zhang, for their alleged involvement in a complex cryptocurrency laundering scheme, supposedly funneling over $73 million through shell companies. Arrested in Atlanta and Los Angeles, Li and Zhang are accused of orchestrating a syndicate that exploited victims through crypto investment scams.

Prosecutors claim that Li, Zhang, and their accomplices managed an elaborate network to launder funds acquired from fraudulent cryptocurrency schemes. Victims were deceived into transferring millions to U.S. bank accounts under various shell company names, leading to a sophisticated money laundering operation across domestic and international banking systems.

The indictment reveals that the laundered funds were routed through U.S. financial institutions to accounts in the Bahamas, later converted to cryptocurrencies like USDT or Tether and distributed to various wallets, including one controlled by Li. Li and Zhang, along with their associates, face charges of money laundering conspiracy and international money laundering, each count carrying a maximum sentence of 20 years in prison if convicted.

The alleged scam highlights the growing sophistication of financial crimes in the digital realm and the challenges faced by authorities in combating such schemes. As cryptocurrency markets evolve, the Department of Justice remains committed to investigating and prosecuting fraudulent activities to maintain market integrity and protect investors.

Reference:
  • Chinese Nationals Charged in $73M Crypto Scam
Tags: ChinaChinese NationalCrypto ScamCryptocurrencyCyber NewsCyber News 2024Cyber threatsCybersecurityMay 2024
ADVERTISEMENT

Related Posts

Proton Launches Encrypted AI Assistant

Jetflicks Operator Sentenced to 7 Years

July 25, 2025
Proton Launches Encrypted AI Assistant

Proton Launches Encrypted AI Assistant

July 25, 2025
Proton Launches Encrypted AI Assistant

Brave Blocks Windows Recall Screenshot

July 25, 2025
Interlock Ransomware Threat Alert

Altman Flags Looming AI Fraud Crisis

July 24, 2025
Interlock Ransomware Threat Alert

XSS Forum Admin Arrested in Kyiv

July 24, 2025
Interlock Ransomware Threat Alert

Google OSS Rebuild Exposes Malicious Code

July 24, 2025

Latest Alerts

CastleLoader Uses Clickfix on Windows

Sophos, SonicWall Patch Critical RCE Bugs

Koske Malware Hides in Panda Images

Interlock Ransomware Threat Alert

GitLab Patches Key Vulnerabilities

Backdoor Found in WP Plugins

Subscribe to our newsletter

    Latest Incidents

    Hackers Target Amazon’s AI Code Bot

    APTs Use Fake Dalai Lama Apps to Spy

    Infostealer Hidden in Steam Game

    Data Breach Affects 340K Jobseekers

    Hackers Use Ransomware on SharePoint Servers

    Beluga Vodka Ransomware Attack Reported

    CyberMaterial Logo
    • About Us
    • Contact Us
    • Jobs
    • Legal and Privacy Policy
    • Site Map

    © 2025 | CyberMaterial | All rights reserved

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • Alerts
    • Incidents
    • News
    • Cyber Decoded
    • Cyber Hygiene
    • Cyber Review
    • Definitions
    • Malware
    • Cyber Tips
    • Tutorials
    • Advanced Persistent Threats
    • Threat Actors
    • Report an incident
    • Password Generator
    • About Us
    • Contact Us
    • Advertise with us

    Copyright © 2025 CyberMaterial