Federal authorities dismantle $36.9 million cryptocurrency scam targeting Americans, with five men admitting guilt for overseeing an international criminal organization
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From Our Team
- June 10, 2025
- Unmasking the Masterminds Behind $36.9 Million Crypto Scams
The U.S. Department of Justice (DOJ) has caught five culprits responsible for a colossal crypto investment scam that robbed victims of a staggering $36.9 million. This global criminal crew used deception to lure victims into investing in false digital asset schemes.
According to the DOJ, Joseph Wong, Yicheng Zhang, Jose Somarriba, Shengsheng He, and Jingliang Su pleaded guilty for their roles in the scam. These malicious actors scammed their victims by gaining their trust through messaging, social media, dating apps, and false promises of returns on their investments, despite not investing any of the funds.
Here's how the complex money laundering operation unfolded:
- The stolen funds were routed through U.S. shell companies and international bank accounts.
- The illicit funds were exchanged into Tether (USDT) digital currency.
- The Tether was transferred to a Cambodian crypto wallet.
The scammers, with their connections across the U.S., Spain, China, and Turkey, managed to deceive numerous victims worldwide. Eight additional co-conspirators have also confessed to their involvement in the scheme. More may be unveiled as investigations continue.
Stay tuned as we provide updates on this case and other crypto-related news, informing you of the latest trends, developments, and warnings about potential scams.
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Disclaimer: Opinions expressed herein are not financial advice. Always do your own research before making high-risk investments in cryptocurrencies or digital assets. Be aware that transfers and trades come with their own risks. The Daily Hodl is not an investment advisor, but a news platform.
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- Given the recent $36.9 million crypto scam debacle, it's crucial for investors to be vigilant when considering new crypto investment opportunities, especially in the realm of altcoins.
- In today's evolving financial landscape, understanding the blockchain technology behind altcoins and cryptocurrencies is essential for making informed decisions regarding crypto wallets and investments.
- As regulation and law enforcement continue to evolve in the crypto sphere, investors should closely follow events like the recent scam case to become more aware of potential risks and emerging trends in the finance sector.
