How a money launderer allegedly used Deltec, Binance, and Tether
Daren Li was recently indicted in the Central District of California on a charge of conspiracy to commit money laundering. Li is allegedly the mastermind behind a money-laundering syndicate that was moving funds for ‘pig-butchering’ scams. The scammers allegedly used fake versions of CoinZoom and Crypto.Com to convince victims to transfer funds. Often, the victims were induced to send funds to bank accounts of shell corporations set up by the scammers; these corporations include entities like CMD Export and Import. Another Chinese money laundering scheme tied to Deltec and Tether The indictment describes two accounts held at a bank in the Bahamas. One of these accounts was opened by Li’s co-conspirators in Los Angeles, with Li providing funds to help open it. The other received approximately $35.4 million from victims of the scam. After victims’ funds were transferred to this bank, they were converted to USDT and moved to Li’s account at Binance...