Subscribe to our newsletter and stay informed

Check out our list of top companies

Check out our carefully compiled lists of the most relevant and impactful companies within their fields.

Check out our list of top unicorns

Read and learn about the biggest companies that various countries have produced, how they made it, and what the future looks like for them.

Crypto Crime Crackdown: High-Profile Cases Exposed

Russell Crater, the mastermind behind the notorious "My Big Coin" scam, faces the music as a US appeals court
February 28, 2024

In a recent ruling, a US appeals court upheld the sentencing of Russell Crater, the mastermind behind the "My Big Coin" fraud, marking a significant victory in the fight against cryptocurrency-related scams. Meanwhile, across the Atlantic, the pursuit of another high-profile fraudster, "Yadi Zhang," sheds light on the global nature of crypto crime and the challenges in its prosecution.

Crater, convicted for orchestrating a fraudulent scheme spanning from 2013 to 2017, will serve over 8 years and pay a staggering $7.6 million. His charges include wire fraud, unlawful transactions, and operating an unlicensed money business. Despite attempts to challenge the proceedings, citing violations of his Sixth Amendment rights, Crater's appeals fell short in altering his sentence, reaffirming the legal system's commitment to accountability in the crypto sphere.

Meanwhile, the saga of "Yadi Zhang" unfolds as authorities on two continents pursue justice for her involvement in laundering proceeds from investment fraud schemes. Allegedly stealing $6.3 billion, Zhang's story underscores the global reach and complexity of crypto-related crimes. In a twist reminiscent of a Hollywood thriller, her accomplice, known only as "Wen," is currently on trial in the UK for money laundering charges, shedding light on the intricacies of illicit money pathways in the digital age.

The unraveling of Zhang's operation, involving the conversion of Bitcoin loot into fiat, jewelry, and property, highlights the evolving tactics employed by crypto criminals to evade detection. Despite their audacious attempts, law enforcement's diligence prevailed, leading to the recovery of over 61,000 Bitcoin valued at $2.5 billion today.

As the legal system adapts to combat the ever-evolving landscape of crypto fraud, these cases serve as a reminder of the challenges and triumphs in holding perpetrators accountable and safeguarding the integrity of digital currencies.

More about: 

Last related articles

chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram