Washington Man Pleads Guilty to Laundering Nearly $100 Million Using Cryptocurrency Accounts

Case Overview

An American Department of Justice report revealed that a 47-year-old man from Newcastle, Washington, named Geoffrey K. Auyeung, pleaded guilty to conspiracy to commit money laundering in U.S. District Court in Seattle.

The case involves nearly $100 million in illicit funds, which he received through nine shell companies set up to support fraudulent investment schemes.

Cryptocurrency as a Money Laundering Tool

Upon receiving the funds, he quickly moved them to other bank accounts, overseas accounts, and into cryptocurrencies such as Bitcoin, USDT, USDC, and Ethereum.

• The crypto assets were purchased via platforms like Gemini, Bitstamp, and Coinbase.
• He opened 19 accounts across eight cryptocurrency exchanges.
• He received approximately $97.1 million from domestic and international third-party transfers and deposits.

Next Steps

The case was announced by the U.S. Federal Prosecutor's Office, and a sentencing hearing is scheduled for May 12.