The virtual currency "pig butchering" cross-border money laundering case has concluded, a Beijing man involved was sentenced to 46 months for 36.9 million USD

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 RMB). He was also ordered to pay up to $26.87 million (approximately 187 million RMB) in restitution.

The United States previously dismantled a multinational fraud and money laundering ring that built trust with victims through social media or dating apps, subsequently guiding 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 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 U.S. front shell companies, and directing the bank to quickly convert incoming dollar assets into stablecoin USDT, which were then sent to specific virtual currency wallets starting with "TRteo." The funds from these wallets ultimately flowed to scam operations in Southeast Asia.