Five Convicted in $36.9 Million Cryptocurrency Scam Targeting U.S. Victims

Five individuals have been convicted for their role in a cryptocurrency fraud scheme targeting US victims, resulting in an estimated loss of $36.9 million. The defendants, Joseph Wong, Yicheng Zhang, Jose Somarriba, Shengsheng He, and Jingliang Su, lured victims with fraudulent cryptocurrency projects by using social media, messaging apps, and dating websites to build trust before persuading them to invest. The perpetrators established shell companies and used U.S. bank accounts to conceal the initial funds collected from victims. These were then converted into USDT and sent to crypto wallets based in Cambodia.