According to Odaily, five members of an international cryptocurrency fraud ring have confessed to their involvement in a $36.9 million scam targeting U.S. victims, with the funds ultimately being transferred to Cambodia. The defendants, identified as Joseph Wong, Yicheng Zhang, Jose Somarriba, Shengsheng He, and Jingliang Su, used social media, instant messaging platforms, and dating apps to connect with victims. After gaining their trust, they persuaded them to invest in fraudulent cryptocurrency projects.
The scammers utilized shell companies and U.S. bank accounts to collect the funds, which were then converted into USDT and sent to cryptocurrency wallets controlled in Cambodia. Zhang and Wong face up to 20 years in prison for their guilty pleas, while the other three defendants could receive sentences of up to 5 years.
