Yumin Ren, a 28-year-old Chinese national, has been sentenced to 46 months in federal prison for his involvement in a sophisticated cryptocurrency fraud scheme that defrauded hundreds of American victims out of more than $37 million. Ren pleaded guilty to one count of conspiracy to commit wire fraud in the Southern District of New York (SDNY).
The scam, widely recognized as a ‘pig butchering’ scheme, utilized deceptive tactics where co-conspirators established relationships with victims through social media and messaging platforms, slowly building trust before convincing them to invest large sums into fraudulent cryptocurrency platforms controlled entirely by the perpetrators. Victims believed they were participating in legitimate high-yield investments, only to find their funds vanished when they attempted to withdraw profits.
Ren’s specific role in the operation centered on managing the illicit proceeds, helping to quickly move the stolen funds through various crypto wallets and transfer them out of the U.S. financial system to conceal the theft. The court also ordered Ren to serve three years of supervised release following his imprisonment and mandated forfeiture of $37 million, representing the ill-gotten gains from the scheme. U.S. Attorney’s Office officials stated that the successful prosecution highlights the dedication to tracking down and punishing international cybercriminals who target American investors using the anonymity offered by decentralized finance.
Source: Chinese National Gets 46 Months in Prison for $37 Million Crypto Scam Targeting Americans
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