A man in Beijing was sentenced to 46 months for participating in a $36.9 million virtual currency "pig butchering" transnational money laundering case

According to Caixin, 46-year-old Chinese national Su Jingliang from Beijing was sentenced to 46 months in prison for participating in a "pig butchering" scam that laundered over $36.9 million (approximately 256 million yuan). He was also ordered to pay up to $26.87 million (approximately 187 million yuan) in compensation.

The United States previously dismantled a transnational fraud and money laundering gang that built trust with victims through social media or dating apps, subsequently guiding them into a fake cryptocurrency trading platform for so-called "investments." The funds of 174 American victims flowed into the accounts of 74 shell companies registered in the U.S., and once the funds were received, they were converted into Tether (USDT). It is reported that in this "pig butchering" scam chain, Su Jingliang played a key role as the "accountant," communicating with employees of Deltec Bank via the encrypted messaging tool Telegram, receiving funds from the U.S. front shell companies, and directing the bank to quickly convert the incoming dollar assets into stablecoin USDT, which were then specifically sent to virtual currency wallets starting with "TRteo." The funds from these wallets ultimately flowed to scam dens in Southeast Asia.