51 Months Prison for Crypto Fraudster Who Laundered $37 Million

A California man was sentenced to 51 months in prison on September 8th, 2025, for laundering over $36.9 million stolen through a cryptocurrency investment scam targeting American victims. Shengsheng He, 39, of La Puente, pleaded guilty in April to charges related to operating an unlicensed money transmitting business, specifically his role with Axis Digital Limited, a shell company based in the Bahamas. This company was used to move stolen funds into international accounts and convert them into Tether (USDT), before routing them through digital wallets controlled by scam operators in Cambodia.