US court sentences man to 5 years for $97.1M crypto laundering scheme

A U.S. court has sentenced Geoffrey K. Auyeung, a resident of Seattle, Washington, to five years in prison for his role in a cryptocurrency money laundering scheme, Decrypt reported. According to prosecutors, Auyeung was involved in laundering approximately $97.1 million in criminal proceeds between 2022 and 2024 by assisting a fraudulent organization that solicited investments in oil and natural gas. His role was to receive funds from victims, purchase cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) to obscure the money trail, and then transfer the assets to his accomplices.