A U.S. federal court has sentenced Jingliang Su, a 45-year-old Chinese national, to 46 months in federal prison for his role in laundering over $36.9 million stolen from 174 American investors through a cryptocurrency fraud scheme.
- Su pleaded guilty in June 2025 to one count of conspiracy to operate an illegal money-transmitting business.
- The sentence was handed down on January 27, 2026 by U.S. District Judge R. Gary Klausner.
Scam and Laundering Details
According to prosecutors and the U.S. Department of Justice:
- The fraud operation used fraudulent cryptocurrency investment platforms and social engineering (such as unsolicited social media outreach, text messages, calls, and dating app contacts) to trick victims into sending funds.
- Victims were led to believe their investments were earning profits, but in reality the money was stolen outright.
- More than $36.9 million in victim funds were routed through U.S. shell companies and moved to an account at Deltec Bank in the Bahamas. From there, the funds were converted to the stablecoin Tether (USDT) and transferred to digital wallets in Cambodia controlled by co-conspirators.
Restitution and Co-Conspirators
In addition to prison time:
- Su was ordered to pay $26,867,242.44 in restitution to the victims.
- Eight co-conspirators have pleaded guilty in related charges so far; some have received prison terms ranging from 36 to 51 months.
Law Enforcement and Broader Context
The case highlights increasing U.S. enforcement against international cryptocurrency fraud and money laundering networks that exploit digital assets and cross-border financial systems. Agencies involved include the U.S. Secret Service and the Homeland Security Investigations’ El Camino Real Financial Crimes Task Force, among others, working with domestic and international partners.
Officials warn investors to exercise caution with unsolicited investment opportunities, especially in the digital asset space, where “pig butchering” and high-yield fake schemes continue to proliferate.
