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A California man has been sentenced to over four years in prison for laundering $37 million stolen through a sophisticated cryptocurrency investment scam. Shengsheng He used a Bahamas-based shell company to funnel victim funds through Deltec Bank before converting them to USDT stablecoin. The case is part of a broader Justice Department crackdown on global crypto fraud operations.
- The scam operated from Cambodian 'pig butchering' centers that generated $9 billion in fraud in 2024 according to Chainalysis data
- Funds were laundered through Deltec Bank in the Bahamas before being converted to Tether (USDT) stablecoin and sent to scammer wallets
- Eight co-conspirators have pleaded guilty in the Axis Digital case, including international partners from China and other countries
📎 Related coverage from: decrypt.co