Crypto scammers plead guilty to $37M scheme targeting Americans

Five members of an international crypto scam ring are accused of stealing nearly $37 million from American victims and sending the funds to Cambodia.

Five men have pleaded guilty to their roles in a $36.9 million international crypto scam scheme that targeted Americans, with funds ultimately being sent to a crypto scam center in Cambodia.

The crypto scammers used shell companies and US bank accounts to rake in the stolen funds before converting them into Tether (USDT) and sending it to a crypto wallet controlled in Cambodia, the US Attorney’s Office for the Central District of California said on Monday.

The guilty pleas reflect the US government’s crackdown on crypto scams and money laundering rings operating out of Asia, especially those linked to the North Korean state-backed Lazarus Group.

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