TechFlow reported on September 1 that according to Bitcoin.comNews, the U.S. Department of Justice announced on August 30, 2024 that it had filed a lawsuit against Geoffrey K. Auyeung, a 46-year-old resident of New Castle, Washington, accusing him of participating in a $64 million cryptocurrency money laundering scheme.
Auyeung was arrested on August 12 and faces one count of conspiracy to launder money and nine counts of money laundering by concealment or expenditure. The investigation revealed that Auyeung posed as an escrow agent for oil and gas investments, transferring investor funds into accounts controlled by him, which were then quickly transferred overseas or used to purchase cryptocurrencies through exchanges such as Gemini, Bitstamp, and Coinbase. Homeland Security Investigations has tracked the funds through 74 bank accounts and has seized $2.3 million. Twenty-two victims have been identified, with losses of $7.7 million, and there may be more victims who have not been discovered.
