The U.S. Department of Justice (DOJ) has filed charges against two Chinese individuals accused of orchestrating a fraudulent crypto scheme involving pig butchering and money laundering, resulting in the movement of tens of millions of dollars.

According to a recent press release from the DOJ, Daren Li and Yicheng Zhang, both Chinese citizens, were identified as the masterminds behind the pig butchering scam. The scam involved sending unsolicited messages to individuals in order to establish a relationship and eventually introduce them to fake investment opportunities in the cryptocurrency market.

By promising significant returns, Li and Zhang were able to convince victims to open bank accounts under the names of shell companies and deposit money into them. The funds were then transferred to a bank in the Bahamas and converted into USDT, the largest stablecoin in the market.

Prosecutors claim that Li and Zhang laundered $73 million through this scheme, and the associated crypto wallet received over $340 million worth of digital assets.

U.S. Attorney Martin Estrada stated, “Sophisticated financial scams like this pose a serious threat to the financial well-being of all Americans. While my office will continue to uncover and punish these deceitful schemes, I urge everyone to educate themselves on pig butchering and other forms of financial fraud to protect their families from predatory activities. Vigilance is crucial.”

Li and Zhang have been charged with conspiracy to commit money laundering, as well as six counts of international money laundering. If convicted, they could face up to 20 years in prison for each count.

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