A Chinese language nationwide named Jingliang Su has been sentenced to 46 months in jail for his involvement in a serious cryptocurrency fraud scheme concentrating on American traders.
On January 27, 2026, federal courts ordered Su to serve his sentence and pay $26.9 million in restitution to victims.
The case represents a major legislation enforcement victory towards worldwide monetary crime networks that exploit digital property to steal from unsuspecting Individuals.
This legal operation impacted 174 victims throughout the US who misplaced a mixed $36.9 million in fraudulent digital asset investments.
The rip-off operated by way of coordinated worldwide operations primarily based in Cambodia, the place legal networks orchestrated elaborate schemes to deceive victims.
Su and his co-conspirators used social media platforms, telephone calls, textual content messages, and on-line relationship providers to ascertain false belief with potential victims.
The criminals then promoted pretend digital asset funding alternatives by way of counterfeit web sites designed to imitate respectable cryptocurrency buying and selling platforms.
Victims believed they have been investing in real cryptocurrency platforms after they have been truly transferring funds straight into accounts managed by the rip-off community.
The Workplace of Public Affairs, US Division of Justice, famous that this case demonstrates how criminals have weaponized the web and digital monetary techniques for large-scale fraud operations.
Legislation enforcement businesses together with U.S. Secret Service, Homeland Safety Investigations, and Customs and Border Safety labored collectively to dismantle the legal community and hint the movement of stolen cash.
Cash Laundering Infrastructure and Digital Asset Misuse
Essentially the most important side of this operation concerned the delicate cash laundering infrastructure that Su helped set up.
After victims despatched funds to shell firm financial institution accounts, Su and his associates coordinated the switch of $36.9 million to a single account at Deltec Financial institution within the Bahamas.
From there, the legal community transformed the stolen cash into Tether (USDT), a stablecoin cryptocurrency designed to keep up secure worth.
This conversion step proved crucial to the scheme as a result of it allowed the criminals to maneuver cash throughout worldwide borders rapidly whereas avoiding conventional banking oversight.
Su then directed the switch of transformed cryptocurrency to a digital asset pockets managed in Cambodia, the place regional rip-off middle leaders distributed funds all through Southeast Asia.
This layered method utilizing respectable cryptocurrency infrastructure made tracing the cash exceptionally tough for legislation enforcement.
Su’s responsible plea in June 2025 to conspiracy to function an unlicensed cash transmitting enterprise mirrored his central position in managing the monetary spine of this worldwide fraud operation.
Eight co-conspirators have already pleaded responsible, with sentences starting from 36 to 51 months in jail.
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