$80M Crypto Scam: Four Charged with Money Laundering in US

• US DOJ Charges Four People In Crypto Investment Scam
• Pig Butchering: A Deceptive Strategy
• Charges and Potential Consequences

US DOJ Charges Four People In Crypto Investment Scam

The U.S. Department of Justice (DOJ) announced last Thursday that charges have been made against four individuals from Los Angeles for their alleged involvement in a crypto investment fraud scheme. It is claimed that these individuals set up shell companies and bank accounts to launder over $80 million acquired through fraudulent tactics, such as the infamous 'pig butchering' scheme.

Pig Butchering: A Deceptive Strategy

'Pig butchering' is a form of scam where the fraudsters connect with potential victims via dating platforms or social media networks. After gaining the victims' trust over a period of time, they introduce a supposedly lucrative opportunity involving cryptocurrency.

Charges and Potential Consequences

The four individuals have been charged with conspiracy to commit money laundering, concealment money laundering, and international money laundering. Among those charged are Lu Zhang from Alhambra, Calif. and Justin Walker from Cypress, Calif. If found guilty, they could face up to 20 years in prison, as per the DOJ's statement.

In related news, the U.S. DOJ has seized $9 million worth of Tether$1.000 -0.12% allegedly linked to 'pig butchering' scams. The legal proceedings continue.

Edited by Jonathan Stoker