Chinese National Receives 46-Month Sentence in $36.9 Million Crypto Money Laundering Case
A Chinese national was sentenced to 46 months in prison for laundering over $36.9 million from a crypto investment scam targeting US victims.Summary
Jingliang Su, a 45-year-old Chinese national, received a 46-month federal prison sentence for his involvement in an international criminal network that defrauded 174 US victims through a fraudulent digital asset investment scheme, often employing "pig butchering" tactics.
The scheme involved contacting victims via social media and dating platforms, pitching fake investment opportunities on platforms resembling legitimate trading sites, and subsequently stealing the funds. The laundered proceeds, totaling over $36.9 million, were moved from US bank accounts to Deltec Bank in the Bahamas, converted to USDT, sent to Cambodian wallets, and then distributed to regional scam operations.
Su pleaded guilty to conspiracy to operate an illegal money transmitting business and was also ordered to pay over $26 million in restitution. Eight co-conspirators have also pleaded guilty in the case, reflecting increased US enforcement against cryptocurrency fraud networks.
(Source：BeInCrypto)