20 years in prison! $73 million cryptocurrency scammer on the run!
A U.S. court has sentenced a cryptocurrency scammer to 20 years in prison for a scheme involving $73 million. This scammer is already on the run and has cut off their electronic ankle monitor. This is one of the largest 'pig slaughtering' scam cases to occur in the United States. This criminal organization, based in Cambodia, approached victims through social media and dating apps.
They built trust by forming fake romantic or professional relationships. They then lured victims to a fake cryptocurrency trading platform that appeared legitimate. They even disguised themselves as tech support and scammed money by claiming to resolve non-existent issues. At least $73.6 million flowed into the criminals' accounts. Of this, $59.8 million was laundered through ghost companies in the U.S.
Cambodia has now become a global hub for cryptocurrency fraud organizations. According to TRM Labs, more than $96 billion in cryptocurrency has flowed into Cambodian-related businesses since 2021, many of which have been implicated in money laundering and fraud. This case serves as a wake-up call to highlight the scale and seriousness of criminal organizations. The court imposed the maximum sentence, sending a strong warning against this criminal act.
Note: This content is not investment advice.