The post Crypto-Crime Uncovered: Brooklyn Man’s Role in $25M Drug Trafficking Ring appeared first on Coinpedia Fintech News

Yanbing Chen, 30 from Brooklyn, has admitted to being involved in an international money laundering and drug smuggling ring which was worth $25 million. The scheme was led by Jin Heta Zhang and involved the process of exchanging drug proceeds for Cryptocurrency, especially Tether and transferring it from one country to another in Hong Kong and India. Chen supplied Zhang by handing over $50,000 in drug revenues for the money in exchange for the fee. It also involved the trafficking of five kilograms of cocaine. Both Zhang and Chen are expected to receive lengthy prison terms; Chen awaits sentencing in January 2025. In terms of both money and cryptocurrencies, assets connected to the conspiracy were claimed by the FBI.