Chamberlain Man Falls Victim to Alleged Cryptocurrency Fraud
A resident of Chamberlain, South Dakota, has reportedly lost nearly $500,000 in what is being described as a cryptocurrency scam that began with an online interaction and escalated to several cash transactions in person. The primary suspect in this case, 35-year-old Chee Yeng Wong from Pasadena, California, faces charges of aggravated grand theft exceeding $500,000, categorized as a Class 2 felony.
Online Encounter Leads to Financial Loss
According to legal documents, the victim initially connected with a woman on Facebook in November 2024, who introduced herself as Elsa Valentine. Their discussions transitioned to the messaging platform Telegram, where she revealed her real name to be Chen Xinyue, a 41-year-old from Los Angeles with roots in Hong Kong. Claiming to be employed in the cosmetics sector, she asserted that her affluent uncle was involved in cryptocurrency investments. The two exchanged intimate images and videos, setting the stage for the subsequent financial transactions.
Encouragement to Invest
As their relationship developed, the individual posing as Xinyue persuaded the man to invest in cryptocurrency. She guided him through the process of establishing accounts with Chain Wallet and Coinbase. On December 5, 2024, he transferred $5,000 to Coinbase, which was subsequently converted into cryptocurrency. Just four days later, he made what seemed to be a profitable transaction, further encouraging him to invest additional sums.
Escalating Investments and Withdrawal Issues
Following her advice, the Chamberlain man deposited $26,000 after being led to believe that Xinyue would invest an additional $50,000 of her own funds. However, on December 20, 2024, when he sought to withdraw his earnings, he received a notification from a “customer service” representative claiming that his account was under investigation for illegal trading activities. He was instructed to deposit more funds to facilitate any withdrawals.
In-Person Cash Handovers
In January 2025, as he attempted to deposit the necessary funds, he found himself unable to do so online. The “customer service” representative then suggested a face-to-face cash collection. This led the victim to meet a man multiple times in the parking area of Mi Pueblo restaurant in Chamberlain for substantial cash transactions. Over the course of four meetings, he handed over a total of $441,000 in cash, with amounts of $30,000, $90,000, $111,000, and $210,000. Each time, the representative, known as Jay Wang, confirmed a passcode previously arranged with the victim.
Discovery of Fraud and Arrest
During one of the meetings, the passcode provided by the representative did not align with what the victim had been given. The representative attempted to clarify the discrepancy by claiming it was a code for another client. Authorities later confirmed that “Jay Wang” was indeed Chee Yeng Wong. After each cash handoff, the victim’s attempts to withdraw funds were met with various excuses, including allegations of illegal data nodes and anti-money laundering concerns.
Threats and Ongoing Manipulation
The victim also reported receiving threats from Xinyue, who warned him that she would release explicit images and jeopardize his existing funds if he ceased sending more money. On May 14, 2025, Wong was apprehended while collecting an additional $100,000 in cash at Mi Pueblo restaurant. He confessed to law enforcement that he had met with the Chamberlain victim multiple times to gather funds, which he delivered to another individual who directed him on how to proceed.
Legal Proceedings Ahead
Wong entered a not guilty plea to the aggravated grand theft charges in June. In South Dakota, a Class 2 felony can result in a prison term of up to 25 years. A jury trial is slated to begin in October 2025.
