100M Crypto Scam: 81 Accounts, 24 Banks, and a Man Who Thought He Was Smart

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Imagine, if you will, a world where the very tools meant to liberate humanity from the chains of traditional finance are instead used to forge new chains of greed and deceit. Nearly $100 million in investor funds, a symphony of shell companies, offshore accounts, and cryptocurrency exchanges-what a noble pursuit, to turn the world’s most innovative technology into a playground for the unscrupulous.

The Federal Hand Strikes Down a Web of Deceit

Financial fraud schemes involving the digital age’s most glittering promises continue to draw federal enforcement action, as if the state itself were a guardian angel for the gullible. The U.S. Attorney’s Office for the Western District of Washington announced on Feb. 20 that a Newcastle, Washington, man pleaded guilty to conspiracy to commit money laundering tied to nearly $100 million in investment fraud proceeds. What a thrilling twist of fate-just when you thought the only thing worse than being scammed was being scammed by a man who thought he was clever.

Prosecutors detailed how Geoffrey K. Auyeung handled investor funds and redirected them through multiple financial channels as part of the conspiracy. The announcement states:

“Once the funds came into accounts controlled by Auyeung, the money was quickly moved into other accounts, moved offshore, or was used to purchase cryptocurrencies, including bitcoin, tether, USD Coin, and ethereum, via cryptocurrency exchanges such as Gemini, Bitstamp, and Coinbase.”

“Much of the cryptocurrency was further transferred to accounts at the cryptocurrency exchange Binance. The Binance accounts were controlled by the same individual or individuals located in Nigeria and Russia. Victims were not sent any further information on their investment and Auyeung and others simply stopped responding,” the announcement adds. How charming, that the very platforms designed to democratize finance have become the perfect hiding places for those who think they are above the law.

Authorities outlined that Geoffrey K. Auyeung, 47, created nine entities, including Sea Forest International LLC, Apex Oil and Gas Trading LLC, and Navigator Energy Logistics LLC, to receive money from individuals who believed they were securing oil tank storage in Rotterdam, Netherlands, or Houston. What a masterclass in deception-turning the promise of energy security into a pipeline for fraud.

Investigators traced $97.1 million in domestic and international third-party wire transfers and deposits through accounts linked to Auyeung between June 2022 and July 2024, including approximately $24.7 million tied to about 35 victims. The Department of Justice (DOJ) explained:

“Auyeung opened at least 81 different bank accounts at 24 different financial institutions. And he opened 19 accounts on eight different cryptocurrency exchanges.”

Court filings indicate that he received at least $4,078,348 in commissions and misled banks about the source of funds and his role in fraud complaints. Even after his August 2024 indictment, he continued communicating with co-conspirators and accepted another $400,000 by channeling deposits through accounts in his wife’s name. Auyeung agreed to pay $24,707,031 in restitution and to forfeit approximately $2.3 million in seized funds, an Audi SQ8, $7.1 million from cryptocurrency wallets, and about $300,000 currently held in bank accounts. Sentencing is scheduled for May 12, and prosecutors plan to recommend 63 months in prison. What a delightful irony-after years of evading justice, the final sentence is a mere 5 years and 3 months. How poetic.

FAQ ⏰

  • How much money was involved in the Washington crypto money laundering case?
    Federal prosecutors said the scheme involved nearly $100 million in investment fraud proceeds. A mere drop in the bucket for those who think they can outsmart the system.
  • Which cryptocurrencies were used in the alleged laundering scheme?
    Funds were used to purchase bitcoin, tether, USD Coin, and ethereum through major exchanges. How modern, how convenient-until your life savings vanish into the void.
  • How many bank and cryptocurrency accounts were opened by Geoffrey K. Auyeung?
    He opened at least 81 bank accounts and 19 cryptocurrency exchange accounts, according to prosecutors. A veritable labyrinth of deceit, if ever there was one.
  • What prison sentence are prosecutors recommending in the case?
    Prosecutors plan to recommend 63 months in prison at sentencing. A fitting reward for a man who thought he could play god with others’ money.

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2026-02-22 07:21