U.S. Court Records Detail $36.9 Million Scheme Using Fake Crypto Platforms and Offshore USDT Transfers

A recent U.S. federal court records show that a scheme defrauded more than $36.9 million from 174 victims through fabricated digital asset investment platforms. Victims were initially targeted via social media, instant messaging applications, and online dating services, before being directed to fake trading websites designed to imitate legitimate cryptocurrency exchanges. These platforms displayed artificially manipulated account balances and fictitious profits to prolong victim engagement and encourage additional deposits.

Laundering Infrastructure and Stablecoin Abuse

Once funds were transferred, control rapidly shifted through a structured laundering chain. Investigators traced victim funds from U.S.-based accounts into shell companies, before they were routed to an offshore account at Deltec Bank in the Bahamas, where the money was converted into USDT. The stablecoins were then transferred to wallets controlled by operators linked to scam centres in Cambodia, with proceeds ultimately distributed to regional controllers.

According to enforcement disclosures, victim funds were first moved through corporate accounts, then converted into USDT and transferred to wallets outside U.S. jurisdiction. This structure mirrors patterns previously identified in BrokersView investigations into the use of stablecoin-based laundering channels by investment scam syndicates.

Law Enforcement Targets the Financial Backbone

U.S. prosecutors characterised the case as a money laundering and illegal funds transmission conspiracy rather than a straightforward fraud charge. The sentencing forms part of a broader strategy aimed at dismantling the payment infrastructure, wallet controllers, and conversion points that allow scam networks to operate at scale.

The operation involved multiple agencies, including the U.S. Secret Service, Homeland Security Investigations, and international partners, highlighting its transnational scope. Authorities confirmed that at least eight co-conspirators have pleaded guilty and have already been sentenced to prison.

BrokersView Warning: Public Advisory

Requests to move funds through unfamiliar payment channels, sudden account freezes, or demands for additional fees remain common warning signs. Early vigilance and independent verification remain the most effective lines of defence.