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Five Men Plead Guilty Over $36.9 Million Money Laundering in Global Crypto Scam

Prosecutors traced U.S. investors’ funds through a Bahamas bank account owned by Axis Digital Limited where they were converted into Tether before reaching Cambodian operators.

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Overview

  • The five defendants admitted laundering over $36.9 million from U.S. victims of a Cambodian-based digital asset investment fraud ring.
  • Court documents show stolen funds moved through a Deltec Bank account in the Bahamas prior to conversion into the stablecoin Tether.
  • Joseph Wong and Yicheng Zhang pleaded guilty to money laundering conspiracy and face up to 20 years in prison while Jose Somarriba, Shengsheng He and Jingliang Su pleaded guilty to operating an unlicensed money services business with maximum five-year sentences.
  • These latest pleas bring to eight the total number of co-conspirators who have admitted guilt since initial indictments in December 2023 and May 2024.
  • The U.S. Secret Service’s Global Investigative Operations Center led the probe with support from Homeland Security Investigations, Customs and Border Protection, the State Department’s Diplomatic Security Service and other partners.