Last Updated on November 17, 2023 by Bitfinsider
Prosecutors detained three persons on Thursday for allegedly stealing more than $10 million from banks and financial institutions, which they subsequently converted to cryptocurrency and sent to overseas cryptocurrency exchanges.
According to the United States Attorney’s Office for the Southern District of New York, Zhong Shi Gao, 31, Naifeng Xu, 37, and Fei Jiang, 41, were arrested and charged with one count of bank fraud conspiracy, one count of conspiracy to commit wire fraud affecting a financial institution, one count of money laundering conspiracy, and one count of aggravated identity theft. The counts, when combined, involve a potential punishment of 82 years in prison.
“These charges should serve as a warning to fraudsters and cybercriminals who believe they can use cryptocurrency to hide their identities – we will find you and hold you accountable for your crimes, together with our partner agencies,” said U.S. Attorney Damian Williams in a statement on Thursday.
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