Five men have been found guilty of a crypto-investment scam in Cambodia that defrauded the victims of $36,9 million.
The DOJ has released a press release stating that the criminal ring was operating by tricking victims into investing in false digital assets scams.
DOJ: Joseph Wong and Yicheng Zhi, Jose Somarriba and Shengsheng H and Jingliang S were members of an international criminal ring that deceived American investors into thinking they were buying digital assets but funneled their money via US shell companies and international bank accounts, as well as crypto wallets.
The perpetrators gained the trust of their victims through texts, calls, dating apps and social media. The perpetrators would convince the victim to invest their money in scam crypto projects while telling them that the value of the investment was increasing.
The men did not invest their money, but instead transferred the victim’s funds totaling $36.9m to an account in Deltec Bank, Bahamas, under the name “Axis Digital Limited.”
The money was then transferred to USDT wallets that were controlled by Cambodian individuals.
Eight other men have confessed to their involvement in the conspiracy, in addition to five who have pleaded guilty.
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The post Feds Take Down $36,900,000.00 Crypto Scam Aiming Americans As Five Men Plead guilty to Running International Criminal Network could be updated as new information becomes available.
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