California Resident Sentenced for Role in Cryptocurrency Fraud Scheme

According to PANews, Shengsheng He, a resident of La Puente, California, has been sentenced to 51 months in federal prison for his involvement in laundering nearly $37 million in cryptocurrency investment scam funds. He is also ordered to pay $26.9 million in restitution. He operated a shell company, Axis Digital Limited, in the Bahamas with others, converting victim funds into Tether (USDT) and transferring them to fraudulent wallets. This case is part of the U.S. Department of Justice's efforts to combat global cryptocurrency fraud and money laundering, with eight co-defendants having already pleaded guilty.