Chinese national Zheng Zhao was extradited from the Netherlands to the United States and appeared in the U.S. District Court for the Central District of California on October 23.
He is accused of participating in an investment fraud and money laundering scheme involving 174 U.S. victims and more than $36.9 million. The U.S. Department of Justice (DOJ) said the fraudulent operation was run by scam centers in Cambodia. Prosecutors said more than $36.9 million was transferred through accounts controlled by co-conspirators to an account at Deltec Bank in the Bahamas, then converted into the stablecoin $USDT and transferred to a digital asset wallet in Cambodia. Eight other defendants in the case have pleaded guilty. Zheng Zhao faces a charge of conspiracy to commit money laundering and, if convicted, could be sentenced to up to 20 years in prison. (Bitcoin.com News)$BTC
He is accused of participating in an investment fraud and money laundering scheme involving 174 U.S. victims and more than $36.9 million. The U.S. Department of Justice (DOJ) said the fraudulent operation was run by scam centers in Cambodia. Prosecutors said more than $36.9 million was transferred through accounts controlled by co-conspirators to an account at Deltec Bank in the Bahamas, then converted into the stablecoin $USDT and transferred to a digital asset wallet in Cambodia. Eight other defendants in the case have pleaded guilty. Zheng Zhao faces a charge of conspiracy to commit money laundering and, if convicted, could be sentenced to up to 20 years in prison. (Bitcoin.com News)$BTC