Two citizens of China have been arrested by US authorities for their alleged involvement in organizing money laundering schemes. The suspects, DARN and Yicheng Zhang, are accused of transferring over $73 million through financial institutions in the United States, which were then converted into the USDT (Tether) token.
DARN was apprehended on April 12 at the Airport of Atlanta, Georgia, while Yicheng Zhang was detained in Los Angeles on May 16. The indictment against them was revealed in a California court on the same day, detailing their purported roles in the criminal operation.
According to the US Department of Justice, Lee, Zhang, and their associates operated an international syndicate that laundered money obtained through cryptocurrency fraud using the Pig Buthering method. Victims reportedly sent millions of dollars to fictitious companies, after which the funds were funneled to various domestic and international bank accounts and cryptocurrency platforms to conceal the origin and ownership of the money.
Over $73 million was laundered through US financial institutions, transferred to Bagams bank accounts, and converted to cryptocurrency such as USDT (Tether). The individuals involved in the scheme supposedly received over $341 million in virtual assets.
Li and Zhang have been charged with conspiracy to launder money and six counts of international money laundering. If convicted, each of them could face up to 20 years in prison for each count, totaling a possible sentence of 140 years behind bars.