Chinese National Sentenced for Cryptocurrency Scam Involvement

Fei Liao, a Chinese national, has been sentenced to 40 months in federal prison for his role in laundering money from cryptocurrency investment scams. According to NS3.AI, Liao pleaded guilty to conspiracy to commit money laundering. He has been ordered to forfeit over $2.3 million and pay $2.8 million in restitution to the victims. The scams involved fraudulent investment platforms that targeted victims through social media and dating apps. These platforms promised high returns on cryptocurrency investments but ultimately locked victims out, resulting in significant financial losses.