Chinese man extradited to US over $36.9M crypto scam

Zhen Zhao, 44, was extradited from the Netherlands and arraigned in California for his role in a cryptocurrency investment scam that stole over $36.9 million from 174 US victims. Funds were converted to USDT via Deltec Bank and moved to wallets in Cambodia. He faces up to 20 years in prison.

• 174 victims sent over $36.9 million to an Axis Digital account at Deltec Bank
• Funds were converted to USDT and transferred to wallets in Cambodia
• Eight accomplices pleaded guilty; two were sentenced to 51 and 46 months
• FBI: investment scammers stole $8.6 billion last year