Five Cryptocurrency International Scammers Plead Guilty, Involving $36.9 Million

BlockBeats News, June 10th, five members of an international cryptocurrency scam gang have admitted to participating in a $36.9 million fraud scheme targeting U.S. victims, with the funds ultimately flowing to Cambodia. These five defendants, Joseph Wong, Yicheng Zhang, Jose Somarriba, Shengsheng He, and Jingliang Su, contacted victims through social media, instant messaging platforms, and dating apps, gained their trust, and then induced them to invest in a fake cryptocurrency project.

The scammers used shell companies and U.S. bank accounts to collect funds, which were then converted to USDT and sent to a cryptocurrency wallet controlled by Cambodia. Zhang and Wong face up to 20 years in prison for pleading guilty, while the other three individuals could be sentenced to a maximum of 5 years in prison. (Cointelegraph)