Another Chinese national arrested for $100M crypto scam in Australia
A sixth Chinese national has been arrested in Sydney following their alleged role in an Australia -based crypto scam that was able to extract over $100 million from American victims through the manipulation of crypto and forex exchanges. The 34-year-old Chinese national living in Sydney is alleged to have used both bank and crypto accounts to facilitate cash deposits in an attempt to launder the crypto scam funds. The US Secret Service tipped off Australian Federal Police (AFP) about the crypto scam and its links to Australia in August 2022. Soon after, Australia’s cybercrime department discovered that a criminal syndicate was relying predominantly on Chinese students living in Australia to prop up the scam. The scam itself involved the use of “a sophisticated mix” of dating sites, employment sites, and messaging platforms to bait victims into investing in fraudulent and legitimate crypto and forex trading sites. Victims were shown false positive returns on investments, lulli...