A California man was sentenced to 51 months in prison for a $37 million cryptocurrency fraud case

ChainCatcher News, the U.S. Department of Justice announced that a resident of La Puente, California, was sentenced to 51 months in prison for participating in a global cryptocurrency scam that laundered $37 million and must pay restitution of $26.9 million.

He and his accomplices used a Bahamian company, Axis Digital, to receive funds, transferring victim funds into a Deltec Bank account before converting them to USDT and sending them to a scam wallet. This case is part of the Department of Justice's ongoing efforts to combat transnational "pig butchering" cryptocurrency scams and money laundering networks.