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A Chinese man in his 40s has been extradited from the Netherlands to the U.S. over allegations that he took part in a global cryptocurrency investment fraud targeting 174 U.S. citizens, according to the U.S. Department of Justice.
The DOJ said the suspect was tied to a Cambodia-based fraud ring that approached victims through social media, phone calls, text messages and dating apps, then steered them to fake websites designed to mimic legitimate exchanges. Investigators found the group laundered victim funds through U.S. shell companies and offshore bank accounts, transferring more than $36.9 million into a single account at Deltec Bank in the Bahamas before converting the money into USDT and moving it to wallets in Cambodia.
Eight co-conspirators have already pleaded guilty, and the defendant remains in custody ahead of an arraignment on Nov. 30. If convicted, the suspect could face up to 20 years in federal prison. The case remains at the charging stage, and the presumption of innocence applies.