Chinese man extradited to US over $36.9 million crypto scam
Original title: Chinese man extradited for role in $36 million cryptocurrency scam
Zhen Zhao was arraigned in California after extradition from the Netherlands and faces up to 20 years if convicted.
Prosecutors say 44-year-old Zhen Zhao and accomplices in the United States and Cambodia ran a pig-butchering scheme that took more than $36.9 million from 174 US victims. The group used unsolicited messages, calls, social media and dating services, plus fake trading sites, then routed funds through Deltec Bank in the Bahamas into Tether wallets controlled in Cambodia. Zhao was charged in August 2025 with conspiracy to commit money laundering. Eight accomplices have pleaded guilty; two received prison terms of 51 and 46 months.
Unconfirmed: Prosecutors allege Zhao’s role; he is charged and has not been convicted.
- Victims sent money from US banks to Axis Digital Limited at Deltec Bank.
- Funds were converted to Tether and moved to wallets controlled in Cambodia.
- Eight accomplices pleaded guilty; two got 51 and 46 months.
- The FBI said 2025 investment-scam complaints totaled over $8.6 billion.
- ATT&CK
- T1566 Phishing
- Organizations
- Department of JusticeDeltec Bank
From the original article
2 min read at bleepingcomputer.com
A Chinese national was arraigned in California after being extradited from the Netherlands for his alleged involvement in a cryptocurrency investment scam that stole nearly $37 million from 174 victims in the United States. [...]
By Sergiu Gatlan · bleepingcomputer.com
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