A Washington man has been sentenced to five years in prison for helping to launder nearly $100 million in fraudulent proceeds through cryptocurrency.

CoinFeed reported on June 10 that Geoffrey K. Auyeung, a resident of Newcastle, Washington, was sentenced to five years in prison for conspiracy to launder money. The U.S. Department of Justice stated that Auyeung helped overseas scammers transfer nearly $100 million in investment fraud proceeds through bank accounts and cryptocurrency exchanges. He set up at least nine entities to receive funds from victims who mistakenly believed they were investing in the oil and gas industry. The funds were quickly transferred to other accounts, overseas, or converted into Bitcoin, Ethereum, USDT, and USDC through exchanges such as Gemini, Coinbase, and BitStamp. Most of the cryptocurrency was subsequently sent to Binance accounts controlled by individuals in Nigeria and Russia.