US DOJ Charges Zhang, 3 Others For $80 mn Scam
The U.S. Justice Department has charged four individuals, including Lu Zhang, Justin Walker, Hailong Zhu, and Joseph Wong, for laundering over $80 million from crypto scams using a ‘pig butchering’ scheme.
The scammers, based in California and Illinois, used a ‘pig butchering scam’ to deceive victims into investing in bogus crypto platforms.
They then tricked them into investing in false platforms controlled by the scammers, which show false profits to entice more investments, leading to significant losses for the victims.
Zhang and Walker have been arrested and could face up to 20 years in prison if found guilty.
The U.S. is intensifying its efforts to combat crypto romance scams, having seized about $112 million in related cases earlier this year.
(With inputs from Shikha Singh)
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