When digital dreams turn into nightmares, the fallout can be devastating.
That’s exactly what happened to 174 Americans who fell victim to a massive cryptocurrency scam orchestrated from overseas.
Chinese national Jingliang Su has now been sentenced to 46 months in prison for his central role in the fraud, which laundered more than $36.9 million from unsuspecting investors.
The court also ordered him to pay nearly $27 million in restitution to his victims.
Su had pleaded guilty in June 2025 to conspiring to operate an illegal money transmitting business, acknowledging his involvement in one of the largest digital asset scams to target Americans in recent years.
Authorities Highlight the Growing Threat of Online Fraud
Assistant Attorney General A. Tysen Duva from the Justice Department explained, “Criminals are leveraging the internet in new ways to commit fraud.
Through phones, social media, and fake websites, they steal from people and move the money internationally using cryptocurrency and wire transfers.”
Bill Essayli, First Assistant U.S. Attorney for the Central District of California, added, “While new investment opportunities can sound exciting, they also attract criminals.
In this case, they stole and laundered tens of millions from innocent Americans. Prevention is critical—investors must be cautious.”
How the Scam Operated
Court documents reveal that Su was part of a sophisticated international network that tricked U.S. victims into sending money to accounts controlled by co-conspirators.
These funds were then laundered through U.S. shell companies, international bank accounts, and digital wallets.
The scheme often began with unsolicited social media messages, phone calls, or texts, even through online dating platforms, to build trust.
Once the victims were engaged, the scammers promoted fake cryptocurrency investment opportunities.
They even created websites that mimicked legitimate crypto trading platforms, convincing victims to deposit funds.
Victims were led to believe their investments were growing, when in reality, the scammers had already taken the money.
Over $36.9 million flowed from U.S. bank accounts to a single account at Deltec Bank in the Bahamas, where Su and his co-conspirators converted the money into Tether (USDT) and transferred it to a wallet in Cambodia.
From there, the funds were distributed to the leaders of regional scam centers.
Other Guilty Parties and Investigation Efforts
Eight co-conspirators have now pleaded guilty.
Notably, Jose Somarriba and ShengSheng He were sentenced to 36 and 51 months, respectively, for operating an unlicensed money transmitting business.
The investigation involved a global law enforcement effort, including the U.S. Secret Service’s Global Investigative Operations Center, Homeland Security Investigations, U.S. Customs and Border Protection, the U.S. Department of State’s Diplomatic Security Service, Dominican National Police, and the U.S. Marshals Service.
Prosecution and Ongoing Efforts
Trial attorneys Stefanie Schwartz and Tamara Livshiz, along with Assistant U.S. Attorneys Maxwell Coll, Alexander Gorin, and Nisha Chandran, led the prosecution.
This sentencing is part of a broader effort by the Criminal Division to dismantle scam operations worldwide.
By seizing cryptocurrency tied to crime, dismantling scam websites, and disrupting international money laundering networks, authorities aim to cut off the tools and profits that enable these frauds.
International cooperation is key, with U.S. prosecutors working alongside foreign law enforcement to combat cybercrime globally.
How Victims Can Take Action
Since 2020, the Criminal Division’s Computer Crime and Intellectual Property Section (CCIPS) has helped convict over 180 cybercriminals and recovered more than $350 million in victim funds.
If you or someone you know has been targeted by a digital asset investment scam, it is crucial to report it to IC3.gov to help authorities track and prevent further fraud.
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