The U.S. Justice Department arrested two Chinese nationals, Daren Li and Yicheng Zhang, for a $73 million crypto scam, involving money laundering through U.S. banks and converting funds to USDT. Arrests occurred in April and May 2023, marking a significant crackdown on the “pig butchering” scam, which globally has defrauded victims of over $75 billion. A standout aspect of this case is the extensive use of USDT for laundering, a method growing in popularity among scammers due to its stability and anonymity. The operation led to the seizure of more than $341 million in virtual assets. This case underscores the growing effectiveness of international cooperation and digital forensic methods in combating cryptocurrency fraud, signaling a strategic shift towards safeguarding digital assets on a global scale.
