A California man was sentenced to 51 months in prison for his role in the money laundering of $ 36.9 million from a cryptoin -investing fraud performed in Cambodian scams, according to a press release published by the Justice Department.
The Ministry of Justice’s acting assistant legal lawyer Matthew G. Galeotti said the defendant was involved in a group that “swapped on US investors” by promising them high returns of crypto investments.
Blockchain security company Elliptical co-founder Tom Robinson told Coindesk that “some of the victim’s funds in this case were laundered through Huione International Payments, which operated through the huione guarantee.”
Huione was a huge telegram-based marketplace that was shut down in May based on intelligence from elliptical, it was estimated to have relieved up to $ 98 billion value of illegal crypto transactions since 2014.
In this case, the defendant was the former co-owner of the Bahamas-based Axis Digital, as the Ministry of Justice said transferred the proceeds from Fidus to a single account in Deltec Bank in the Bahamas before the capital was converted to Tether It was then distributed back to Cambodia.
Eight co -conspirators have also pleaded guilty so far, including Daren Li, a national in China and St. Kitts and Nevis, who have been in American custody since April 2024 on separate fees for money laundering.
