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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Is there a connection between it and the Crown Prince Group? While a cryptocurrency resort project in Timor-Leste is underway, the construction site is left completely empty.
Timor-Leste’s “crypto cryptocurrency resort” plan is reportedly related to a scam network run by the Cambodian royal family group that has been sanctioned by the United States; on-the-ground investigations found the site to be empty land. The royal family group is accused of carrying out large-scale online fraud, with victims worldwide. The investigation has raised concerns within the Timor-Leste government, which said the country faces the risk of transnational crime.
CryptoCity1h ago
Crypto investment scams are rampant! FBI report: Americans were scammed out of $11.4 billion last year, up 22% year over year
A U.S. FBI report shows that in 2025, losses from cryptocurrency scams reached $11.4 billion, up 22% from the previous year. The scams are sophisticated, mainly controlled by criminal groups in Southeast Asia, and they use human trafficking to force victims into labor. The number of victims increased to 181,565 cases, with an average loss of more than $62,000; many people lost their lifetime savings.
区块客3h ago
ZachXBT discloses internal payment server data from North Korean IT workers, involving a $3.5 million flow of funds
On-chain detective ZachXBT revealed that an anonymous source shared stolen data from North Korea’s internal payment servers, involving 390 accounts and encrypted transaction information. More than $3.5 million in funds vanished, and it is connected to a sanctioned company. ZachXBT has compiled a detailed organizational chart.
GateNews4h ago
Is there a connection between it and the Crown Prince Group? While the cryptocurrency resort project in Timor-Leste is moving forward, the construction site is empty and contains nothing.
Timor-Leste’s “cryptocurrency resort” project is believed to be connected to a Cambodian prince group scam network that is subject to U.S. sanctions. On-site investigation found the location to be an empty lot. The prince group has been accused of carrying out large-scale online fraud, with victims worldwide. The investigation prompted concern from the Timor-Leste government, which said the country faces the risk of transnational crime.
CryptoCity7h ago
Argentine President Milei’s call logs link him to multimillion-dollar Libra rug pull: NYT
Newly surfaced phone records and messages are adding to evidence that could deepen legal scrutiny of Argentine President Javier Milei’s role in the failed Libra cryptocurrency project, The New York Times reported Monday.
Court documents from an ongoing federal investigation show Milei exchanged
CoinDesk8h ago
