US Department of Justice: Three arrested for allegedly stealing millions of dollars from banks and converting them into cryptocurrencies

On Thursday, prosecutors arrested three individuals who are suspected of stealing over $10 million from banks and financial institutions, then converting the funds into cryptocurrency and transferring them to overseas cryptocurrency exchanges. According to the US Attorney's Office for the Southern District of New York, Zhong Shi Gao (31), Naifeng Xu (37), and Fei Jiang (41) were arrested and charged with one count each of bank fraud conspiracy, conspiracy to commit wire fraud affecting a financial institution, conspiracy to launder money, and aggravated identity theft. If these charges are combined, they could face up to 82 years in prison. US Attorney Damian Williams stated in a Thursday statement, "These charges should serve as a warning to fraudsters and cybercriminals who think they can hide their identities through cryptocurrency - we will work with our partner agencies to find you and hold you accountable for your crimes." (The Block)