Chinese Nationals Nabbed in $73 Million #PigButchering Crypto Fraud

The US Department of Justice (DOJ) has arrested two Chinese nationals, Daren Li and Yicheng Zhang, for orchestrating a massive crypto scam known as “pig butchering.” This scheme led to the laundering of at least $73 million.

The arrests highlight that pig butchering scams remain a significant concern in the crypto industry.

The Duo Ran an International Scam Syndicate

According to the DOJ, officials arrested Li on April 12 at Hartsfield-Jackson Atlanta International Airport and transported him to the Central District of California. Meanwhile, Zhang was arrested in Los Angeles.

“We announce the arrests of two foreign nationals charged for leading a scheme to launder funds tied to an international crypto investment scam. Crypto investment scams exploit the borderless nature of virtual currency and online communications to defraud victims,” Deputy Attorney General Lisa Monaco said.

The DOJ discovered extensive coordination from their communications to facilitate international money laundering, including chats discussing the network’s commission structure, various shell companies used, victim information, and at least one video of a conspirator calling a US financial institution.

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