Justice Department Arrests Suspects in Cryptocurrency Money Laundering Case – The Presidential Prayer Team

Two Chinese nationals funneled $73 million through various front companies.

The Department of Justice (DOJ) has unsealed an indictment charging two Chinese nationals with defrauding and laundering at least $73 million in cryptocurrency. The two suspects allegedly opened dozens of shell companies to run a number of international investment scams, a tactic known as “pig butchery.” They then used front companies to launder the money from the United States to bank accounts in the Bahamas.

“Cryptocurrency investment scams exploit the borderless nature of virtual currency and online communications to defraud victims,” said Assistant Attorney General Lisa Monaco. “Although fraud in crypto markets takes many forms and hides in many remote locations, its perpetrators are not beyond the reach of the law.”

Under the direction of the Lord, pray with us…

  • For Monaco’s Deputy Attorney General and DOJ officials as they seek to enforce financial laws and regulations.
  • For Attorney General Garland’s wisdom as he leads efforts to prevent cryptocurrency fraud and money laundering.

Sources: Department of Justice