Chinese national sentenced to 46 months for $37M crypto scam

A Chinese national, Jingliang Xu, has been sentenced to 46 months in prison for his role in a $37 million cryptocurrency scam targeting U.S. citizens, Decrypt reported. Xu has also been ordered to pay more than $26.8 million in restitution. The fraud ring deceived victims into transferring funds to accounts controlled by Xu and his co-conspirators, who then converted the money into USDT through shell companies and overseas bank accounts.