California Man Jailed for $37M Crypto Con
A California man just landed in hot water for a massive cryptocurrency scam. Shengsheng He, from La Puente, was sentenced to over four years in prison for helping crooks launder nearly $37 million.
It shows how even techy crimes like crypto scams can hit regular folks hard. He, who pleaded guilty in April 2025, was part of a global scheme that tricked U.S. investors out of millions. Scammers used sneaky tactics like fake messages, phone calls etc to gain victims’ trust. They promised big returns on crypto investments, but instead, the money vanished into a Bahamas-based company He co-owned.
From there, it was turned into Tether, a digital currency, and sent to wallets controlled by the scammers. It’s a classic case of making people think they’re getting rich while their cash disappears. The Department of Justice (DOJ) is cracking down hard on these kinds of crimes. They say this scam was linked to fraud scheme operations in Cambodia, where fraudsters use social engineering to dupe victims.
He’s not alone—other cases involve everything from terrorist financing to fake oil investments. The DOJ ordered He to pay $26.9 million back to victims, but getting that money might be a long shot. This story makes one wonder: how can they stay safe in a world where scams hide behind flashy tech? It’s a reminder to double-check before investing your hard-earned cash.
Posted Using INLEO