2 arrested for allegedly laundering over $73 million in cryptocurrency scams

Two individuals were arrested for allegedly laundering over $73 million linked to cryptocurrency scams, specifically a method known as "pig butchering." Yicheng Zhang and Daren Li are accused of managing an international syndicate that facilitated the laundering of funds from these scams into U.S. bank accounts and subsequently overseas. The operation involved the use of shell companies and complex transfers to disguise the origins of the stolen funds.

The suspects face charges of conspiracy to commit money laundering and international money laundering, with potential sentences of up to 20 years per count if convicted. The case highlights the growing issue of sophisticated financial scams involving cryptocurrencies and emphasizes the need for public awareness and vigilance against such fraudulent schemes.