Chinese National Extradited to U.S. in $36.9 Million Crypto Fraud Case

Odaily: Chinese national Zheng Zhao has been extradited from the Netherlands to the United States and appeared before a court in the Central District of California on October 23. He is alleged to have participated in an investment fraud and money laundering scheme involving 174 U.S. victims and more than $36.9 million in illicit funds. The U.S. Department of Justice (DOJ) said the fraudulent operations were run by scam centers in Cambodia.

Prosecutors allege that more than $36.9 million was transferred through accounts controlled by accomplices into an account at Bahamas-based Deltec Bank, then converted into the stablecoin USDT and sent to digital asset wallets in Cambodia. Eight other co-defendants have already pleaded guilty; Zheng Zhao faces a money laundering conspiracy charge and, if convicted, could be sentenced to up to 20 years in prison. (Bitcoin.com News)