Zheng Zhao, a 44-year-old Chinese national, was extradited from the Netherlands and arraigned in Los Angeles on October 23, 2026. Prosecutors allege that he was part of a network operating fake crypto trading sites from Cambodia that took more than $36.9 million from at least 174 Americans. He faces a conspiracy to commit money laundering charge, which carries a maximum sentence of 20 years if convicted. According to authorities, victim funds were routed through US shell companies and Deltec Bank in the Bahamas before being converted into USDT and distributed to operators in Cambodia. Eight of his co-conspirators have already pleaded guilty, and Zhao’s next hearing is scheduled for November 30, 2026.
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