🚨🚨🚨The pig-killing scam defrauded 500 million yuan and targeted overseas Chinese
👀👀👀More than 40 victims were defrauded of 80 million US dollars
Two suspects, Daren Li, were arrested at Hartsfield-Jackson International Airport in Atlanta on April 12. At the same time, Zhang Yicheng, a Chinese citizen living in Temple City, California, was arrested in Los Angeles.
Daren Li had lived in China, the United Arab Emirates and Cambodia. Documents show that Zhang Yicheng and Daren Li directed a complex money laundering network, with subordinate teams opening about 74 shell companies and related bank accounts. Pig-killing usually involves scammers establishing fake romantic relationships with victims on messaging platforms and then convincing them to make fraudulent investments.
The money stolen from the victims was deposited into these accounts and then transferred to two bank accounts at Deltec Bank in the Bahamas. One of the Bahamas accounts was registered by a company called GTAL (Cambodia) Co., Ltd., which is located in Sihanoukville, a notorious casino and scam center.
Ultimately, the funds were exchanged for USDT — a cryptocurrency pegged to the value of the U.S. dollar — including a Binance wallet associated with Li. Another wallet received about $341 million in virtual currency in the three years starting in April 2021.
Li and Zhang were both charged with six substantive counts of international money laundering. If convicted, the defendants could face up to 20 years in prison for each count.
👆👆👆It's not easy to post, please follow me to learn more about judicial precedents and don't step on pits in the currency circle
