Chinese National Sentenced for Laundering $37M in Crypto Fraud Proceeds

Chinese National Sentenced for Laundering $37M in Crypto Fraud Proceeds

A US court sentenced Jingliang Su to 46 months imprisonment and ordered restitution for laundering $36.9M in a USDT-based crypto fraud scheme linked to offshore transfers through Deltec Bank.

USDT

Fact Check
The statement is assessed as highly likely to be true. There is a strong consensus across multiple independent and relevant sources that corroborate every key detail of the claim.Reputable cryptocurrency news outlets, including The Block and Decrypt, consistently report that a Chinese national named Jingliang Su was sentenced in a U.S. court. The reports are specific and aligned, stating the sentence was 46 months (described as "nearly four years") for laundering approximately $37 million (with one source specifying $36.9 million) derived from cryptocurrency fraud schemes.Further corroboration is provided by other crypto-focused news sites and platforms like CryptoNews Australia, Phemex, and KuCoin, all of which repeat the same core facts. There is no conflicting information presented in the relevant sources. The only source that does not support the claim, a report from the U.S. Department of Justice, is irrelevant as it details a completely different case involving a different individual. Its irrelevance means it does not contradict the claim.The high degree of consistency across numerous sources, even with varying levels of authority, provides high confidence in the truthfulness of the statement.
Summary

Chinese national Jingliang Su has been sentenced by a U.S. federal court to 46 months in prison for laundering $36.9 million from a USDT-based pig-butchering cryptocurrency fraud scheme. Su funneled victim funds through shell entities, cryptocurrency wallets, and bank accounts to Deltec Bank in the Bahamas, where the assets were converted into USDT before being transferred to Cambodia. The court also ordered Su to pay restitution exceeding $26 million to 174 victims across the U.S., underscoring the growing challenge of tracing cross-border stablecoin transactions in criminal cases.

Terms & Concepts
  • USDT (Tether stablecoin): A cryptocurrency pegged to the U.S. dollar, often used to facilitate trading and value transfers without volatility.
  • Pig-butchering scam: A long-term fraud scheme where criminals build trust with victims before exploiting them in significant financial scams, often via fake investment platforms.
  • Shell company: A legal entity without active business operations, often used to conceal ownership or move funds covertly.