Switch to seedless. Get 30% off with SWITCH30 till Oct 26Chinese national extradited in $36.9M crypto scam case
6.7 Security Zheng Zhao was extradited to California for an alleged $36.9M crypto scam targeting 174 Americans. The scheme used fake trading sites and laundered funds. Zhao faces up to 20 years if convicted.
Zheng Zhao, a 44-year-old Chinese national, was extradited from the Netherlands to California and arraigned on charges related to a $36.9 million cryptocurrency investment scam. Prosecutors allege Zhao was part of an international network operating scam centers in Cambodia, which targeted 174 identified Americans. The scheme involved contacting victims via social media, phone calls, text messages, and online dating services. After building trust, victims were directed to fake cryptocurrency trading websites that falsely displayed investment gains while their funds were stolen. Stolen money was laundered through U.S. shell companies, transferred to an account at Deltec Bank in the Bahamas, then converted into Tether and distributed to digital wallets in Cambodia. Eight co-conspirators have pleaded guilty, with two sentenced to prison. Zhao faces a charge of conspiracy to commit money laundering, carrying up to 20 years if convicted. He remains presumed innocent until proven guilty.
