California Individual Sentenced Over $36.9 Million Cryptocurrency Fraud Linked to Notorious Huione Group
A Californian man received a 51-month prison sentence for his involvement in laundering funds from a Cambodian crypto scam.
Summary
A Californian man was sentenced to 51 months in prison for laundering $36.9 million from a cryptocurrency investment scam linked to Cambodian centers. The funds were funneled through Huione International Payments and its associated platform Huione Guarantee, implicated in approximately $98 billion of illicit transactions before its shutdown.
Key Details
- The defendant, previously co-owning Axis Digital based in the Bahamas, processed scam proceeds via Deltec Bank, converting them to tether (USDT) for distribution back to Cambodia.
- At least eight co-conspirators, including Daren Li from China and St. Kitts, have pled guilty.
“Some of the victim funds in this case were laundered through Huione International Payments, operated through Huione Guarantee.”
Translation: Some of the victim funds in this case were laundered through Huione International Payments, which operated through Huione Guarantee.
The scam’s impact on thousands of investors has been significant, with U.S. authorities reiterating their commitment to root out such fraudulent schemes.
