Zhang Cheng Yang, Fraud, Arizona 2025

PHOENIX, AZ – March 21, 2025 – A U.S. District Court in Arizona has issued a default judgment against Zhāng Chéng Yáng for his role in a digital asset fraud scheme orchestrated by the platform Debiex. The court found Zhang liable for fraud connected to digital asset commodity trading and the misappropriation of over $2 million in customer funds.

While the primary defendant is the entity Debiex, the court identified Zhang as a key participant who acted as a “money mule.” His digital asset wallet was used by Debiex to misappropriate at least one customer’s funds. Zhang is believed to be a Chinese national.

The judgment prohibits Debiex from trading on any CFTC-regulated markets or registering with the agency. The court ordered Debiex to pay a $221,466 civil monetary penalty and $2.2 million in restitution to defrauded customers. Additionally, approximately $120,000 worth of digital assets held in Zhang’s wallet will be returned to the customer from whom they were stolen.

According to the Commodity Futures Trading Commission (CFTC), the scheme involved a coordinated effort by three groups: “Solicitors” who used social media to befriend and romance potential victims, “Customer Service” which created fake trading accounts, and “Money Mules” like Zhang, who facilitated the transfer and misappropriation of funds. The CFTC alleges that Debiex never actually traded any digital assets on behalf of its customers; the platform was a complete ruse designed to mimic a legitimate trading environment.

“This judgment demonstrates the CFTC’s ongoing commitment to protecting U.S. citizens from online scams,” said CFTC Director of Enforcement Brian Young. The CFTC cautions that victims may not fully recover their losses due to the potential lack of assets held by the perpetrators.

The case stems from a complaint filed in January 2024. The FBI’s Phoenix Office assisted the CFTC in the investigation.

Source: CFTC.gov

Source: https://www.cftc.gov/PressRoom/PressReleases/9058-25