Chinese national sentenced for $37M crypto scam

A Chinese national received 46 months in prison and must pay $26M for a $37M crypto scam targeting 174 Americans, using fake investments and laundering funds internationally.

A Chinese national, identified as Jingliang Su (also known as Jiangling Su), has been sentenced to 46 months in prison for his involvement in a $37 million cryptocurrency laundering scheme that targeted nearly 174 Americans. Su pleaded guilty to conspiracy to operate an illegal money-transmitting business and was ordered to pay over $26 million in restitution. Su, along with eight co-conspirators, contacted victims through online dating platforms, phone calls, and text messages, promoting fraudulent crypto investments via fake websites. Victims were misled into believing their investments were growing, while their funds were actually laundered through U.S. shell companies, international bank accounts, and digital asset wallets. Over $36.9 million was routed through a Bahamas bank, converted to Tether (USDT), and transferred to scam centers in Cambodia. This case underscores the exploitation of digital platforms and cryptocurrencies in large-scale fraud and money laundering operations.