BlockBeats News, February 20 — The U.S. Department of Justice Eastern District of Texas announced that 31-year-old Chinese national Liao Fei has been sentenced to 40 months in federal prison for involvement in cryptocurrency investment fraud and money laundering activities. Liao Fei admitted to conspiracy to commit money laundering, involving millions of dollars. The U.S. court ordered him to forfeit over $2.3 million in seized funds and pay more than $2.8 million in restitution to the victims.
Liao Fei and his accomplices laundered proceeds from “pig-butchering” scams by setting up shell companies and bank accounts. These scams typically involve scammers contacting victims via social media, building trust, and then guiding them to invest in cryptocurrencies, ultimately preventing victims from withdrawing or recovering their funds.
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