MarketPR
A federal court has sentenced Geoffrey K. Auyeung of Seattle, Washington to five years in prison for laundering approximately $97.1 million in criminal proceeds through $BTC, $ETH, and Tether between 2022 and 2024.
Auyeung served as the financial conduit for a fraudulent oil and gas investment scheme, converting victim funds into cryptocurrency before routing the assets to accomplices.
The case, first reported by Decrypt, marks one of the more substantial enforcement actions at the intersection of traditional investment fraud and crypto payment rails.
How the Conversion Operation Worked Auyeung's role was not to run the underlying fraud — that was handled by a broader organization — but to move the money.
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