May 19, 2024 at 06:30AM
Two Chinese nationals, Daren Li and Yicheng Zhang, have been charged by the U.S. Department of Justice for allegedly orchestrating a $73 million pig butchering scam involving cryptocurrency investment fraud. They face charges of money laundering and could be sentenced to 20 years in prison for each count if convicted. Additionally, two brothers, Anton Peraire-Bueno and James Pepaire-Bueno, are also facing charges for a novel crypto heist, allegedly manipulating the Ethereum blockchain to fraudulently obtain $25 million worth of cryptocurrency. This involved a complex and sophisticated scheme in which they altered the movement of electronic currency and concealed their identities and ill-gotten gains. The organization Interpol has described the situation as human trafficking-fueled fraud on an industrial scale, with the U.S. Department of State denouncing China-based organized crime syndicates for posing as labor brokers to recruit people from Africa and Asia.
From the meeting notes, it is clear that two Chinese nationals, Daren Li and Yicheng Zhang, have been charged with orchestrating a pig butchering scam that allegedly laundered at least $73 million through shell companies. The scheme involved tricking victims into transferring funds to U.S. bank accounts, which were then laundered through domestic and international bank accounts and cryptocurrency platforms. The funds were further converted to USDT or Tether and sent to cryptocurrency wallets.
Moreover, another case involves two brothers, Anton Peraire-Bueno and James Pepaire-Bueno, who are accused of committing wire fraud and money laundering by exploiting the Ethereum blockchain to fraudulently obtain approximately $25 million worth of cryptocurrency within 12 seconds. The scheme involved manipulating and tampering with the protocols underpinning the Ethereum blockchain and concealing their identities and ill-gotten gains through various means.
The meeting notes also mentioned instances of human trafficking-fueled fraud, with organized crime syndicates posing as labor brokers to recruit people from Africa and Asia. Additionally, there were mentions of cryptocurrency investment scams and related legal actions taken by the U.S. government and private companies such as Google.
These meeting notes highlight the complexities and challenges associated with financial fraud, cryptocurrency scams, and human trafficking, emphasizing the need for proactive measures to combat such crimes.