Caixin: Beijing Man Sentenced to 3 Years and 10 Months for Participating in US "Pig Butchering" Money Laundering, Ordered to Pay 187 Million Yuan in Restitution

Odaily News A Beijing man, Su Jingliang, was sentenced to 46 months in prison and ordered to pay restitution amounting to $26.87 million (approximately 187 million yuan) for his involvement in laundering over $36.9 million (approximately 256 million yuan) from "pig butchering" telecom fraud. US authorities previously dismantled a transnational fraud and money laundering ring. The perpetrators built trust with victims via social media or dating apps, then lured them into fake cryptocurrency trading platforms for so-called "investments." Funds from 174 US victims flowed into accounts of 74 shell companies registered in the US. Once the funds were received, they were converted into Tether (USDT).

It is reported that within this "pig butchering" telecom fraud chain, Su Jingliang played a key role as the "accountant." He communicated with employees of Deltec Bank via the encrypted messaging app Telegram, received funds from front-end shell companies in the US, and directed the bank to swiftly convert the incoming US dollar assets into the stablecoin USDT. These were then sent to specific cryptocurrency wallets starting with "TRteo," with the funds ultimately flowing to fraud dens in Southeast Asia. (Caixin)