Caixin: Beijing man sentenced to 3 years and 10 months for participating in US "pig-butchering" scam and money laundering, ordered to pay compensation of 187 million yuan.

Odaily Planet Daily reports that Beijing man Su Jingliang was sentenced to 46 months in prison and ordered to pay up to $26.87 million (approximately RMB 187 million) in compensation for participating in a “pig-butchering” scam involving over $36.9 million (about RMB 256 million) in telecom fraud and money laundering. The US previously dismantled a transnational scam and money laundering ring that built trust with victims through social media or dating apps, then guided them into fake cryptocurrency trading platforms for so-called “investments.” Funds from 174 American victims flowed into accounts of 74 shell companies registered in the US. Once the funds arrived, they were converted into Tether (USDT).

It is reported that in this “pig-butchering” telecom scam chain, Su Jingliang played a key role as the “accountant.” He communicated with employees of Deltec Bank via encrypted messaging app Telegram, received funds from front shell companies in the US, and instructed the bank to quickly convert the incoming US dollar assets into stablecoin USDT. The funds were then directed to specific virtual currency wallets starting with “TRteo,” which ultimately flowed to Southeast Asian scam dens. (Caixin)