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2 clusters · 13 sources · 3 days · First seen · Last updated

Extradition of Zheng Zhao for cryptocurrency scam

Overview

Zheng Zhao, a 44-year-old Chinese national, was extradited from the Netherlands to Los Angeles to face federal charges related to a massive cryptocurrency investment scam. Prosecutors allege that Zhao and his co-conspirators defrauded at least 174 U.S. residents of approximately $37 million.

The scheme reportedly utilized social media, phone calls, and online dating services to establish trust with victims. Once victims invested through fraudulent websites, funds were transferred from U.S. bank accounts to Deltec Bank in the Bahamas, converted into Tether (USDT), and moved to digital wallets in Cambodia.

Zhao faces a conspiracy charge for money laundering, which carries a maximum sentence of 20 years. Eight co-conspirators have already pleaded guilty to related charges, including Shengsheng He and Jingliang Su, who received prison sentences of 51 and 46 months, respectively. Another accomplice, Joseph Wong, reportedly managed a money laundering network in Los Angeles using shell companies to facilitate international transfers.

Entities

U.S. Department of Justice · Deltec Bank · Cambodia · Zheng Zhao · Los Angeles

Timeline

  1. [CRIME] 4 sources
    Chinese national extradited for alleged $37M cryptocurrency scam

    Zheng Zhao has been extradited to the U.S. to face charges for an alleged $37 million cryptocurrency scam that defrauded 174 Americans using fake trading platforms and international money laundering.

  2. [CRIME] 9 sources
    Zheng Zhao extradited to US in $36.9 million crypto scam case

    Chinese national Zheng Zhao has been extradited to the US to face charges for an alleged $36.9 million crypto scam targeting 174 Americans.

Sources

chineseherald.co.nz · cklclub.com · criptotendencias.com · crypto-times.jp · crypto.news · cybernoz.com · cyberscoop.com · ibj.org · news.bitcoin.com · nigerianeye.com · punchng.com · rande-academy.cz · revistaprevenir.com.br