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How Did A Trio Pull Off A $10M Bank Fraud Using Crypto?

In a major crackdown, the FBI arrested three persons for allegedly orchestrating a complex $10 million bank fraud scheme.

U.S. Attorney Damian Williams and FBI Assistant Director James Smith announced the arrests of the three persons identified as Zhong Shi Gao, Naifeng Xu and Fei Jiang.

Highlighted was the sophisticated operation that involved manipulating bank transactions and laundering the stolen funds through foreign cryptocurrency exchanges.

The scheme, active from 2018 to 2022, allegedly involved recruiting individuals to open bank accounts, which were then used to transfer and fraudulently double funds.

The trio, along with others, would then file false reports claiming these…

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