Alleged Crypto Investment Scam Worth $80M Sees Four People Charged With Money Laundering in U.S.

A scheme for allegedly laundering the proceeds of crypto investment scams has resulted in charges against four people in Los Angeles, the U.S. Department of Justice (DOJ) said on Thursday.

The four allegedly opened shell companies and bank accounts to launder more than $80 million of victims' funds obtained through so-called pig butchering and other fraudulent schemes, the DOJ said.

In "pig butchering" scammers contact their victims through dating websites or social media, gaining their trust before eventually pitching a money-making opportunity involving cryptocurrency.

The individuals involved were charged with conspiracy to commit money laundering, concealment money laundering and international money laundering.

Two of those charged, Lu Zhang of Alhambra, Calif. and Justin Walker of Cypress, Calif. face up to 20 years in prison if convicted, the DOJ said.

Read More: Tether Worth $9M Tied to 'Pig Butchering' Scams Is Seized by U.S. DOJ