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A Los Angeles court sentenced 45-year-old Chinese citizen Jingliang Su to three years and ten months in prison for money laundering and cryptocurrency fraud involving $36.9 million stolen from 174 American investors.
The court also ordered the violator to pay $26.8 million in damages. The man has been in custody since December 2024. In June 2025, he pleaded guilty to one count of conspiracy to illegally transfer funds.
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According to the US Department of Justice, Su was part of an international criminal network that laundered the stolen money of its victims through US shell companies, international bank accounts and crypto wallets. The attackers contacted Americans on social networks, by phone or through dating sites, and soon after meeting them they offered investments in crypto assets, directing them to fake websites that resembled real crypto trading platforms.
Victims’ personal accounts registered on fraudulent platforms showed fictitious profits, which encouraged victims to deposit more money. The funds were routed through shell companies in the US and Deltec Bank in the Bahamas, where the cash was converted into Tether (USDT) stablecoins and transferred to crypto wallets in Cambodia. From there, USDT was distributed among the participants in the fraudulent scheme, according to the US Department of Justice.
Last year, a Florida district court sentenced a 20-year-old man to ten years in prison for wire fraud and cryptocurrency theft. The damage suffered by the victims exceeded $13 million.
