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Chinese man extradited for role in $36 million cryptocurrency scam
🇺🇸 United States · Technology · 19 h ago
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26.10 13:56 UTC
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Prosecutors said that, together with accomplices in the United States and Cambodia, 44-year-old Zhen Zhao tricked victims into transferring large sums of money to attacker-controlled accounts, claiming that the funds would be invested in digital assets.
"Zhao and other co-conspirators arranged for Deltec Bank to convert victim funds to the stablecoin Tether (USDT) and to transfer the converted funds to a digital asset wallet controlled in Cambodia.
From there, co-conspirators in Cambodia transferred the USDT to the leaders of scam centers throughout the region.
Zhao was charged in August 2025 with conspiracy to commit money laundering and faces a maximum sentence of 20 years in prison if found guilty.
Victims transferred over $36.9 million, "invested" in the scheme, from U.S. bank accounts to an account at Deltec Bank in the Bahamas, which was opened under the name Axis Digital Limited.
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