---
title: Chinese national extradited from the Netherlands over a Cambodia-run crypto investment scam that took $36.9M from 174 Americans through a Bahamas bank | ctxsec
url: https://ctxsec.com/items/doj-zhen-zhao-extradited-cambodia-crypto-scam-36m
description: ""
status: "confirmed (U.S. Justice Department, Oct 2026); charges are allegations"
published: 2026-10-26
---

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[← Industry News](/industry) · [markdown](/items/doj-zhen-zhao-extradited-cambodia-crypto-scam-36m.md)

confirmed (U.S. Justice Department, Oct 2026); charges are allegations

2026-10-26

### Chinese national extradited from the Netherlands over a Cambodia-run crypto investment scam that took $36.9M from 174 Americans through a Bahamas bank

The Justice Department says **Zhen Zhao**, 44, was arraigned in the Central District of California after extradition from the Netherlands. Prosecutors allege he was part of a network run from Cambodian scam centers that contacted U.S. victims by text, social media, calls and dating sites, then steered them to fake crypto trading sites. More than **$36.9 million** moved through U.S. shell-company accounts into a single account at **Deltec Bank** in the Bahamas, which converted it to USDT and sent it to a wallet controlled in Cambodia. The government identified 174 U.S. victims.

Zhao was charged in August 2025 with conspiracy to commit money laundering (up to 20 years). Eight co-conspirators have pleaded guilty, two of whom got 51 and 46 months. Takeaway for fraud teams: the laundering path ran through ordinary U.S. business accounts before it ever touched crypto.

Sources: [U.S. DOJ: Chinese national extradited for alleged role in multimillion-dollar cryptocurrency scam](https://www.justice.gov/opa/pr/chinese-national-extradited-alleged-role-multimillion-dollar-cryptocurrency-scam-targeting) · [BleepingComputer: Chinese man extradited for role in $36 million cryptocurrency scam (Oct 26)](https://www.bleepingcomputer.com/news/security/chinese-man-extradited-for-role-in-36-million-cryptocurrency-scam/)