Justice Department Arrests Suspects in Cryptocurrency Money Laundering Case

Two Chinese nationals funneled $73 million through various shell companies

The Department of Justice (DOJ) has unsealed an indictment charging two Chinese nationals of defrauding and laundering at least $73 million worth of cryptocurrency. The two suspects allegedly opened dozens of shell companies to run a number of international investment scams, a tactic known as “pig butchering.” They then used the shell companies to launder the money from the U.S. to bank accounts in the Bahamas.

“Cryptocurrency investment scams exploit the borderless nature of virtual currency and online communications to defraud victims,” said Deputy Attorney General Lisa Monaco. “While fraud in the crypto markets takes on many forms and hides in many far-off places, its perpetrators aren’t beyond the law’s reach.”

As the Lord Leads, Pray with Us…

  • For Deputy Attorney General Monaco and DOJ officials as they seek to enforce financial laws and regulations.
  • For wisdom for Attorney General Garland as he heads efforts to prevent cryptocurrency fraud and money laundering.

Sources: Department of Justice


Back to top