The Department of Justice (DOJ) announced the indictment of four individuals implicated in a sophisticated operation to launder millions of dollars defrauded from victims through cryptocurrency investment scams, according to a Dec. 14 press release.
The defendants — Lu Zhang, Justin Walker, Joseph Wong, and Hailong Zhu — face multiple charges, including conspiracy to commit money laundering and international money laundering.
“Pig butchers”
Investigators allege that the group conspired to create shell companies and bank accounts for funneling proceeds from “pig butchering” scams. The term alludes to the practice of fattening hogs before slaughter.
The scheme involves building trust with victims met on social media or dating services, with the eventual goal of coaxing them into making cryptocurrency investments on sham platforms.
The indictment reports at least 284 transactions, resulting in over $80 million in losses, with more than $20 million directly linked to accounts t
We współpracy z: https://cryptoslate.com/doj-targets-cryptocurrency-scammers-in-80-million-pig-butchering-scheme/
