Investigators revealed the laundering scheme: Zhang relied on a 25-year-old local exchanger in Phnom Penh to convert USDT into fiat currency. The funds were then routed through legitimate local bank accounts to cover operating expenses, payroll, and payoffs. Bribed officials now identified include commune chief Lem Lun, deputy district police chief Kim Sophan, and Techo International Airport immigration officer Phei Yongping.
According to the ACU, around 90% of the scam proceeds were immediately funneled abroad into external crypto wallets, leaving only a few tens of thousands of dollars inside Cambodia. Inquiries into additional suspects and fund trails are ongoing.
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