Five men have pleaded guilty to roles in a $36.9 million international crypto scam which targeted Americans, with the funds being sent to a scam center in Cambodia. The scammers utilized shell companies and US bank accounts to deceive victims via social media and dating apps, convincing them to invest in bogus crypto schemes. Victims were misled into believing their investments were growing, while the scammers siphoned off the funds. The shell company “Axis Digital,” founded by two defendants, facilitated the laundering of stolen funds through a Bahamian bank account. Other defendants were involved in converting the stolen money into Tether and transferring it internationally. Two defendants now face 20 years in prison, while the others could receive up to five years. This case highlights the US government's efforts to combat crypto-related fraud and money laundering, particularly with ties to North Korean cybercrime.

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