Chinese national Su Jingliang involved in a $37 million cryptocurrency fraud and money laundering, sentenced to nearly 4 years in prison by the United States

The U.S. Department of Justice reported that a 45-year-old Chinese national, Su Jingliang, was sentenced to nearly 4 years of federal prison for participating in a scheme that laundered nearly $37 million in proceeds from a cryptocurrency fraud, and was ordered to pay over $26 million in restitution.

Prosecutors stated that the transnational criminal network he was part of lured American victims into fake cryptocurrency investments through text messages, phone calls, and online dating platforms, and implemented fraud using counterfeit trading websites. The related funds were circulated through U.S. shell companies, cryptocurrency wallets, and international bank accounts, ultimately resulting in approximately $36.9 million being transferred to Deltec Bank in the Bahamas and converted to USDT, which was then moved by accomplices in Cambodia. A total of 174 American victims were confirmed in the case.