Zheng Zhao, a 44-year-old Chinese national, has been extradited from the Netherlands to the United States over his alleged role in a cross-border cryptocurrency investment fraud, BlockBeats reported on October 24, citing the U.S. Justice Department.
Prosecutors describe alleged laundering network
Prosecutors allege that the network used fake cryptocurrency trading websites to solicit investments from U.S. victims. More than $36.9 million in victim funds allegedly moved from U.S. bank accounts controlled by the network to a single account at Deltec Bank in the Bahamas, before conversion into USDT and transfers to wallets controlled in Cambodia. The report says at least 174 U.S. victims have been identified.
According to the report, Zhao appeared in court on October 23 and was ordered detained, with another appearance scheduled for November 30. He faces up to 20 years in federal prison if convicted and is presumed innocent unless proven guilty.
Source: BlockBeats, 2026-10-24 01:36:17 UTC.