{"id":26748,"date":"2025-06-15T18:38:37","date_gmt":"2025-06-15T18:38:37","guid":{"rendered":"https:\/\/cryptd.in\/en\/us-justice-department-cracks-down-on-36-9m-international-crypto-fraud-ring\/"},"modified":"2025-06-15T18:38:37","modified_gmt":"2025-06-15T18:38:37","slug":"us-justice-department-cracks-down-on-36-9m-international-crypto-fraud-ring","status":"publish","type":"post","link":"https:\/\/cryptd.in\/pl\/us-justice-department-cracks-down-on-36-9m-international-crypto-fraud-ring\/","title":{"rendered":"US Justice Department Cracks Down on $36.9M International Crypto Fraud Ring"},"content":{"rendered":"<p>Five men have pleaded guilty to their roles in laundering more than $36.9 million from victims of an international crypto investment scam conspiracy.<\/p>\n<p>The money was stolen from defrauded investors in the U.S. through a web of shell companies, offshore accounts, and digital asset wallets.<\/p>\n<h2>Details of The Scheme<\/h2>\n<p>The U.S Department of Justice (DOJ) secured guilty pleas from California residents Joseph Wong, 33; Jose Somarriba, 55; and 39-year-old Shengsheng He. Two Chinese citizens, Yicheng Zhang and Jingliang Su, also confessed to wrongdoing.<\/p>\n<p>W <a href=\"https:\/\/www.justice.gov\/opa\/pr\/five-men-plead-guilty-their-roles-global-digital-asset-investment-scam-conspiracy-resulting\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"external\">press release<\/a> published on June 9, the DOJ indicated that these individuals were part of a criminal network that received funds from U.S. victims under the pretense of investing in crypto.<\/p>\n<p>Their scheme operated by building trust through unsolicited social media interactions, text messages, phone calls, and online dating sites. Once contact was established, co-conspirators based overseas persuaded the targeted individuals to transfer money under the false belief they were investing in appreciating digital assets.<\/p>\n<p>However, the funds were being transferred to accounts controlled by the perpetrators. More than $36.9 million was moved from their U.S.-based holdings into a separate one at Deltec Bank in the Bahamas, registered under Axis Digital Limited.<\/p>\n<p>Somarriba and He co-founded Axis Digital and opened the Deltec account, with Su later joining them as a director. Together, they instructed the bank to convert the stolen money into USDT. The trio then sent the converted funds to a wallet controlled by unnamed people in Cambodia who ultimately forwarded them to unnamed people running \u201cscam centers\u201d in the region, including one in Sihanoukville.<\/p>\n<p>Meanwhile, Wong was managing a Los Angeles-based network of money launderers who created shell companies, opened U.S. bank accounts, and wired funds abroad. Zhang also opened and managed two of those capital obfuscation accounts.<\/p>\n<h2>Suspects Await Sentencing<\/h2>\n<p>Wong and Zhang each owned up to money laundering conspiracy and face a maximum of 20 years in prison. On their part, Somarriba, He, and Su admitted to conspiracy to operate an unlicensed money services business, which carries a maximum penalty of 5 years.<\/p>\n<p>They join three others who previously copped up to their crimes, including Daren Li, a former resident of Cambodia and the United Arab Emirates (UAE), who has been in U.S. custody since April 2024. Another associate, Lu Zhang, a Chinese national who managed a U.S.-based asset concealment network, pleaded guilty to money laundering conspiracy on May 13, 2024.<\/p>\n<p>This development follows a <a href=\"https:\/\/cryptopotato.com\/older-americans-hit-hard-by-crypto-scams-fbis-ic3-reports-2-8-billion-losses\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">report<\/a> by the FBI\u2019s Internet Crime Complaint Center (IC3), which revealed that Americans over the age of 60 were the most affected by crypto-related fraud. According to the law enforcement agency, more than 140,000 complaints linked to digital assets were recorded last year, leading to over $9 billion in losses.<\/p>\n<p>Stanowisko <a href=\"https:\/\/cryptopotato.com\/us-justice-department-cracks-down-on-36-9m-international-crypto-fraud-ring\/\" rel=\"nofollow\">US Justice Department Cracks Down on $36.9M International Crypto Fraud Ring<\/a> pojawi\u0142a si\u0119 najpierw na <a href=\"https:\/\/cryptopotato.com\/\" rel=\"nofollow\">CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Five men have pleaded guilty to their roles in laundering more than $36.9 million from victims of an international crypto investment scam conspiracy. The money was stolen from defrauded investors in the U.S. through a web of shell companies, offshore accounts, and digital asset wallets. Details of The Scheme The U.S Department of Justice (DOJ) [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":26750,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-26748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feeds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>US Justice Department Cracks Down on $36.9M International Crypto Fraud Ring - cryptd.in<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptd.in\/pl\/us-justice-department-cracks-down-on-36-9m-international-crypto-fraud-ring\/\" \/>\n<meta property=\"og:locale\" content=\"pl_PL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Justice Department Cracks Down on $36.9M International Crypto Fraud Ring - cryptd.in\" \/>\n<meta property=\"og:description\" content=\"Five men have pleaded guilty to their roles in laundering more than $36.9 million from victims of an international crypto investment scam conspiracy. 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