Chinese National Gets 46 Months in Prison for $37 Million Crypto Scam Targeting Americans
Jingliang Su, a Chinese national, was sentenced to 46 months in prison for laundering over $36.9 million stolen from 174 U.S. victims through cryptocurrency scams. He pleaded guilty to conspiracy to operate an illegal money transmitting business and was ordered to pay more than $26.8 million in restitution. Su and his co-conspirators convinced victims to transfer money under the false pretense of investment opportunities, then laundered funds using shell companies, international bank accounts, and ultimately converted stolen funds to Tether (USDT) stablecoin. Eight accomplices have pleaded guilty, including Shengsheng He, who received a 51-month sentence. Losses from crypto scams reached over $17 billion last year, with a significant rise in impersonation scams fueled by advances in artificial intelligence.
