From 2020 to 2024, the team allegedly used a crypto platform to buy tens of millions of dollars in crime proceeds at discounted rates, of 70 to 80 cents on the dollar, in exchange for cryptocurrency. The crime proceeds, which came from sources including “fraudulently obtained unemployment insurance benefits,” were loaded onto tens of thousands of prepaid debit cards, prosecutors alleged.
After purchasing the crime proceeds, participants allegedly used stolen personally identifiable information to open various types of accounts and transfer the proceeds into bank accounts linked with the media outlet and related entities.
They were often laundered again through other accounts, including Guan’s own personal bank and crypto accounts, according to prosecutors.