Jingliang Su jailed in $37M crypto laundering case

A US judge has sentenced Jingliang Su to nearly four years in prison for his role in laundering almost $37 million linked to a global cryptocurrency investment scam.

Jingliang Su, a 45-year-old Chinese national, was also ordered to pay more than $26 million in restitution, according to the US Attorney’s Office for the Central District of California.

“New investment opportunities may sound intriguing, but they have a dark side: attracting criminals who, in this case, stole then laundered tens of millions of dollars from their victims,”

Said First Assistant United States Attorney Bill Essayli.

Prosecutors said Su was part of an international crime network that targeted US victims and convinced them to transfer funds to accounts controlled by the scheme’s operators.

The network allegedly contacted victims through text messages, phone calls and online dating platforms before promoting fake crypto investments via websites designed to resemble legitimate trading platforms.

Authorities said about $36.9 million was funnelled to a bank account at Deltec Bank in the Bahamas before being converted into the stablecoin Tether.

From there, prosecutors said co-conspirators in Cambodia transferred the funds to leaders of scam centres across the region, with investigators identifying at least 174 US victims.

Su pleaded guilty in June to conspiracy to operate an illegal money transmitting business, while eight defendants have admitted guilt so far, including a California man previously sentenced to more than four years in prison.