In a $80 million cryptocurrency scam involving the “pig butchering,” two men from Southern California have been arrested.
Federal authorities announced on Thursday that three men from Southern California and one other defendant have been charged with plotting to create bank accounts and shell companies in order to launder money from victims of cryptocurrency investment scams, a practice known as “pig butchering.
A news release from the U.S. Attorney’s Office, Central District of California, states that federal agents detained two of the men on December 12: Justin Walker, 31, of Cypress, and Lu Zhang, 36, of Alhambra.
The Butchering Art: California Have Been Arrested A $80 million.
The other two men, Joseph Wong, 32, of Rosemead, and Hailong Zhu, 40, of Naperville, Illinois, are presently being sought after by federal agents.
Pig butchering, a term coined from a foreign language to describe the same fraudulent scheme, is the practice of thieves tricking victims into investing in cryptocurrency businesses through unsolicited calls posing as the wrong number or through dating services and social media platforms.
Once the con artists have built rapport and trust with their victims, they point them in the direction of other participants in the scam who are
According to the release, the company is “operating fraudulent cryptocurrency investment platforms and applications, where victims are persuaded to make financial investments.”
Following their deposits into scammer-
controlled accounts, victims will see fictitious financial gains on the fraudulent investment platform, which is designed to entice them to make additional investments. In the end, none of the victims’ money can be withdrawn or recovered.
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