News
Justice Department Arrests Suspects in Cryptocurrency Money Laundering Case – The Presidential Prayer Team
Two Chinese nationals funneled $73 million through various shell companies
The Department of Justice (DOJ) has unsealed an indictment against two Chinese citizens for fraud and laundering of cryptocurrencies worth at least $73 million. The two suspects allegedly opened dozens of shell companies to run a series of international investment scams, a tactic known as “pig slaughter.” They then used the shell companies to launder the money from the United States into bank accounts in the Bahamas.
“Cryptocurrency investment scams exploit the borderless nature of virtual currency and online communications to defraud victims,” said Deputy Attorney General Lisa Monaco. “Although fraud in the cryptocurrency markets takes many forms and hides in many distant places, its perpetrators are not beyond the reach of the law.”
As the Lord leads, pray with us…
- For the Deputy Attorney General of Monaco and Department of Justice officials seeking to enforce financial laws and regulations.
- For wisdom to Attorney General Garland as he directs efforts to prevent cryptocurrency fraud and money laundering.
Sources: Department of Justice