tl;dr
Five men have pleaded guilty to operating a Cambodian-based crypto investment scam that defrauded victims of $36.9 million. The DOJ revealed the international crime ring misled American victims into investing in fake digital asset projects, using US shell companies, international bank accounts, and ...
Five men have pleaded guilty to orchestrating a $36.9 million Cambodian-based crypto investment scam that targeted American victims through false digital asset schemes. The Department of Justice (DOJ) revealed that this international crime ring misled victims by convincing them to invest in bogus digital asset projects.
The perpetrators, identified as Joseph Wong, Yicheng Zhang, Jose Somarriba, Shengsheng He, and Jingliang Su, used a sophisticated network involving US shell companies, international bank accounts, and cryptocurrency wallets to funnel the stolen money. They gained victims' trust through various communication channels including texts, phone calls, social media platforms, and dating apps.
Victims were led to believe their investments were growing in value, but instead, the criminals transferred the funds to a Deltec Bank account in the Bahamas under the name “Axis Digital Limited.” From there, the money was moved into USDT wallets controlled by individuals in Cambodia, effectively laundering the illicit proceeds.
In addition to the five men who have pleaded guilty, eight other co-conspirators have also confessed involvement in the scam. This case highlights the evolving complexity of crypto fraud and the global reach of cybercriminal networks.