Chinese national Su Jingliang sentenced to nearly 4 years in U.S. prison for laundering $37 million in crypto scam proceeds

2026-01-28 by admin

BlockBeats news, on January 28, the U.S. Department of Justice announced that a 45-year-old Chinese man, Jingliang Su, was sentenced to nearly 4 years of federal imprisonment for participating in money laundering of nearly $37 million in proceeds from cryptocurrency fraud, and ordered to pay over $26 million in restitution.

Prosecutors stated that the transnational criminal network he belonged to lured American victims into fake cryptocurrency investments through text messages, phone calls, and online dating platforms, using counterfeit trading websites to carry out the fraud. The related funds were transferred through U.S. shell companies, cryptocurrency wallets, and international bank accounts, with approximately $36.9 million ultimately wired to the Bahamas’ Deltec Bank and converted to USDT, then moved by accomplices in Cambodia. The case identified 174 American victims in total. (The Block)

BlockBeats news, January 30th, according to Bitget market data, Apple released its first-quarter earnings after the market close, with first-quarter revenue reaching $143.76 billion, surpassing estimates of $138.4 billion, a year-on-year increase of 16%. First-quarter diluted earnings per share were $2.84, exceeding estimates of $2.68, a year-on-year increase of 19%. iPhone revenue hit a record high of approximately $85.27 billion, up 23% year-on-year. Service business revenue reached a record of around $30 billion, a 14% year-on-year increase. The active device installed base exceeded 2.5 billion units.Apple (APPL) closed up 0.72%, gaining an additional 0.6% after hours.

BlockBeats news, January 30th, Trump posted on Truth Social stating that, given Canada's erroneous, illegal, and persistent refusal to certify Gulfstream jets, certification for Bombardier Global Express aircraft and all Canadian-made aircraft is hereby revoked until Gulfstream receives full certification, which should have been completed years ago. Furthermore, Canada effectively prohibits Gulfstream products from being sold in Canada through the same certification process. If the relevant issues are not immediately corrected, I will impose a 50% tariff on all aircraft imported from Canada to the United States.

PANews reported on January 29th that, according to Cailian Press, Federal Reserve Chairman Jerome Powell stated that the current policy stance is appropriate and conducive to progress in achieving both objectives. Data since the last meeting shows a significant improvement in growth, placing the Fed in a favorable position to address the risks of its dual mandate. It is difficult to conclude from the latest data that policy is clearly restrictive; the Fed will focus on key target indicators and let the data guide the direction. No comment was made on the US dollar. The significant impact of tariffs has already been transmitted through the US economy, and tariffs may lead to a one-off price increase. Most of the higher-than-expected inflation is due to tariffs rather than demand. Core PCE, excluding the impact of tariffs on goods, is slightly above 2%. The impact of tariffs on goods is expected to peak this year and then decline. The US unemployment rate has shown some signs of stabilization, and the labor market, after a gradual softening, may be stabilizing, with little change in hiring, job openings, and wage growth. Powell stated that if tariff inflation peaks and then declines, it would indicate that the Federal Reserve can ease policy. He expects tariff inflation to peak in mid-2026. However, he also noted that downside risks to the labor market must be monitored. The policy rate is within a reasonable range of the neutral rate, placing the Fed in a favorable position to determine the magnitude and timing of additional rate adjustments. He reiterated that there is no predetermined path for policy, and decisions will be made at each meeting. No one expects a rate hike at the next meeting, and a rate hike is not anyone's base case. He does not believe the Fed will lose its independence. He argued that if the Fed loses its independence, its credibility will be difficult to restore and advised the next Fed chairman to distance himself from American politics.

PANews reported on January 29th that, according to the People's Daily, the latest minutes of the Federal Open Market Committee (FOMC) monetary policy meeting held by the Federal Reserve on January 28th local time showed that the Fed decided to maintain the target range for the federal funds rate between 3.5% and 3.75%. The minutes indicated that current indicators suggest job growth remains low, and the unemployment rate has shown signs of stabilizing. Inflation remains at a relatively high level. The Committee is committed to achieving its goals of maximum employment and a sustained inflation rate of 2%. Uncertainty regarding the economic outlook remains high. The Committee is closely monitoring the risks to its dual mandate. To support its goals, the Fed decided to maintain the target range for the federal funds rate between 3.5% and 3.75%. Specific voting details show that the Federal Reserve decided to maintain the benchmark interest rate in the range of 3.5% to 3.75% by a vote of 10 to 2. Fed Governors Waller and Milan voted against the decision, advocating for a 25 basis point rate cut. Prior to this interest rate policy announcement, the market widely expected the Fed to keep rates unchanged at this week's policy meeting, following three consecutive rate cuts in the second half of 2025.