According to Wu, the U.S. Department of Justice has filed a lawsuit against 24 suspected money launderers in California. They are accused of transferring more than $50 million in drug sales proceeds for the Sinaloa drug cartel through large amounts of cash, purchases of cryptocurrencies, and cooperation with "Chinese underground banks." This money laundering operation was led by Edgar Joel Martinez-Reyes and used a variety of methods including cryptocurrency and precious metals trading to launder drug trading proceeds. If all charges are proven, each defendant will face a mandatory minimum sentence of at least 10 years and a maximum penalty of life imprisonment.
