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US Busts Million Dollar Payment Fraud Case Involving Cryptocurrency Money Laundering

Summary: According to official documents, the US Northern California Federal Prosecutor's Office announced on August 13th the bust of a large-scale payment fraud case involving cryptocurrency money laundering. Prosecutors have charged 8 suspects with hacking into mobile shopping service platform accounts through phishing, using fake orders and digital payment cards to siphon funds, converting them into ...

According to official documents, the US Northern California Federal Prosecutor's Office announced on August 13th the bust of a large-scale payment fraud case involving cryptocurrency money laundering. Prosecutors have charged 8 suspects with hacking into mobile shopping service platform accounts through phishing, using fake orders and digital payment cards to siphon funds, converting them into cryptocurrency through gift card purchases, and ultimately exchanging the funds for US dollars. The amount involved exceeds $1 million. All defendants have been arrested and granted bail, and will face trial at the Oakland Federal District Court on August 25th.

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