Chinese man Su Jingliang sentenced to nearly 4 years in prison for cryptocurrency fraud and money laundering

The US Department of Justice has announced that 45 year old Chinese man Su Jingliang has been sentenced to nearly four years in federal prison and is required to pay over $26 million in compensation for his involvement in laundering nearly $37 million in cryptocurrency fraud proceeds. The prosecutor claimed that Su Jingliang's transnational criminal network induced American victims to participate in false cryptocurrency investments through text messages, phone calls, and online dating platforms, and used counterfeit trading websites to commit fraud. The relevant funds were circulated through American shell companies, encrypted wallets, and international bank accounts, and ultimately about 36.9 million US dollars were transferred to Deltec Bank in the Bahamas and exchanged for USDT, which was then transferred by Cambodian accomplices. The case confirms 174 American victims.