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California Man Sentenced to Over Four Years for Laundering $37 Million in Stolen Crypto
California Man Sentenced to Over Four Years for Laundering $37 Million in Stolen Crypto
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BTCCSquare news:
A California resident, Shengsheng He, has been sentenced to 51 months in federal prison for laundering $36.9 million stolen from U.S. investors through a fraudulent crypto investment scheme. The operation, linked to Cambodia-based 'pig butchering' fraud centers, targeted victims via social media, dating apps, and unsolicited messages.
He used Axis Digital Limited, a Bahamas-based shell company, to funnel funds through U.S. banks into offshore crypto wallets. Eight co-conspirators, including two Chinese nationals, have pleaded guilty. The DOJ ordered He to pay $26.8 million in restitution, underscoring the growing crackdown on cross-border crypto fraud.
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