California Man Sentenced for Role in $37M Crypto Scam
- Shengsheng He was sentenced to 51 months in federal prison for laundering nearly $37 million.
- He co-owned Axis Digital Limited, a Bahamas-based shell company used to launder funds.
- The scheme involved converting stolen funds into Tether (USDT) and transferring them to scammer wallets.
- Authorities linked the scam to Cambodian “pig butchering” centers, which netted $9 billion in fraud revenue in recent years.
- Eight co-conspirators have pleaded guilty, including Jose Somarriba and Jingliang Su.
Shengsheng He has been sentenced for his role in a global cryptocurrency scam that defrauded U.S. investors of nearly $37 million through a complex laundering operation involving shell companies and digital assets like Tether. This case is part of a broader Department of Justice crackdown on crypto-related fraud and online money laundering schemes.
The DOJ’s efforts highlight the ongoing battle against sophisticated scams exploiting digital currencies, with significant amounts being laundered across international networks. (Source)
