A man from Beijing, China, involved in a U.S. "Pig Farming Scam," has been sentenced to 3 years and 10 months in prison for money laundering, ordered to pay a $26.87 million fine.

BlockBeats News, January 31st. According to Caixin, 46-year-old Chinese man Su Jingliang, based in Beijing, was sentenced to 46 months in prison and ordered to pay a compensation of up to $26.87 million (approximately RMB 187 million) for his involvement in a "pig slaughter" telecommunication fraud and money laundering scheme totaling over $36.9 million.

Previously, the United States dismantled a transnational scam and money laundering gang that built trust with victims through social media or dating apps, then led them to a fake cryptocurrency trading platform for so-called "investment." Funds from 174 American victims flowed into 74 registered shell company accounts in the U.S., and once the funds were received, they were converted into USDT.

In this "pig slaughter" telecommunication fraud chain, Su Jingliang played a key role as the "accountant." He communicated with Deltec Bank employees through the encrypted messaging app Telegram, received funds from U.S.-based front shell companies, instructed the bank to quickly convert the incoming dollar assets into the stablecoin USDT, and directed them to be sent to a specific cryptocurrency wallet starting with "TRteo." The funds in that wallet eventually flowed to a scam hub in Southeast Asia.