According to the US Department of Justice, five men have pleaded guilty to their involvement in a Cambodian digital asset investment fraud case and laundered over $36.9 million. The fraud case was carried out by a fraud center located in Cambodia, and the victims were mainly American citizens. The individuals involved in the case contacted the victims through social media, phone calls, text messages, and online dating platforms, induced them to invest in fake digital assets, and transferred the funds to accounts controlled by accomplices for money laundering operations.
The fraudulent funds were ultimately converted into stablecoin USDT and transferred to the leaders of the fraud center in Cambodia. The persons involved, including Joseph Wong, Jose Somariba and Shengsheng He, US residents, Yicheng Zhang, a Chinese citizen, and Jingliang Su, who is also associated with China and Türkiye, all pleaded guilty to conspiracy charges of money laundering or operating unlicensed money service businesses and face up to 20 or 5 years of imprisonment.
Currently, eight accomplices have pleaded guilty, including Daren Li, who previously resided in Cambodia and the United Arab Emirates, and other personnel responsible for money laundering networks. The case is jointly investigated by multiple departments such as the US Secret Service and the Homeland Security Investigation Bureau, and is being prosecuted by multiple prosecutors.
