BlockBeats News, June 10th. According to Decrypt, Geoffrey K. Auyeung, a resident of the Seattle area in Washington state, USA, has been sentenced to 5 years in prison for his involvement in a cryptocurrency money laundering scam. The prosecution stated that he assisted a criminal group in defrauding victims in the name of oil and natural gas investments between 2022 and 2024, with a total amount of approximately $97.1 million involved.

Auyeung was responsible for receiving the proceeds of the fraud and transferring them to his accomplices through the purchase of BTC, ETH, USDT, USDC, and other cryptocurrencies to conceal the flow of funds. The prosecution pointed out that even after being charged and arrested, he continued to communicate with his accomplices and received illegal proceeds through his wife's bank account.

The investigation revealed that Auyeung received at least around $4 million in commissions. Currently, more than $2.3 million in bank deposits, approximately $7.1 million worth of cryptocurrencies, and a vehicle have been seized from him. Most of the funds were ultimately converted to cryptocurrency through platforms like Gemini, Bitstamp, Coinbase, and then transferred to Binance.