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Prison for “Pig Butchering”: Chinese National Sentenced for $37 Million Crypto Scam
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TechStory
A federal judge sentenced Chinese national Jingliang Su to 46 months in prison, ending a vast “pig butchering” scheme that fraudulently withdrew approximately $37 million from the banking accounts of U.S. citizens.
This case highlights the type of fraud (e.g., industrial fraud) engaged by organized criminal organizations and used by organized crime groups in Southeast Asia to perpetrate global financial crimes.
The initial movement of victim funds involved the transfer of funds from victim US banks to fraudulent shell company bank accounts, with eventual wiring to Deltec Bank in the Bahamas.
In addition to imprisonment, the court ordered Su to pay more than $26.8 million in restitution.
Unfortunately for law enforcement, for every Jingliang Su that is captured, many others are waiting to take his spot.