Federal authorities have arrested three individuals in California for doing more than $13 million in laundry from a victim of a crypto investment scam known as “slaughter of pigs.” The suspects, including Chinese citizens Minzi Lee and Zeye Zia, are said to have established a shell company (attractive location and stone water trade) to run an unregistered money services business that has poured funds from victims of the fraud. Law enforcement has tracked over 300 wire transfers related to fraudulent investments in goods, including Bitcoin, and cryptocurrencies. One victim, a 72-year-old Minnesota man, lost $325,000 after being seduced by a fake investment platform called “Enkuu.” Li and Jia, who stayed overtime on student visas, were denied bail and Shi was released on a $20,000 bond. The FBI is leading the investigation, with federal prosecutors handling the case. Defendants face up to five years in prison if convicted.
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