SUGAR LAND, Texas (KTRK) -- A 37-year-old man admitted to his role in a half-a-million-dollar cryptocurrency scam, according to the United States Attorney's Office.

Xiaofei Chen pleaded guilty to aggravated identity theft in a fraud scheme where more than $500,000 was laundered.

The video above is ABC13's 24/7 livestream.

Chen was arrested after being charged in December 2022 with multiple counts of wire fraud, money laundering, engaging in monetary transactions in property derived from specified unlawful activity, and aggravated identity theft.

Each count of aggravated identity theft carries a mandatory two years, which must be served consecutively to any other sentence imposed, according to the U.S. Attorney's Office.

A 10-count indictment released in November 2022 stated Chen used the stolen money to fund his lifestyle and luxury purchases, including two brand-new vehicles.

Officials said Chen admitted to wiring $520,000 from the victim's checking account.

The U.S. Attorney's Office said Chen used the victim's name and driver's license and opened a Bitstamp cryptocurrency exchange account.

Chen used Bitstamp and other cryptocurrency accounts to convert the stolen money into Bitcoin before moving it across multiple exchanges to hide his scheme.

Prosecutors said Chen also used the victim's identity to access and open accounts.

Chen was sentenced to a mandatory two years in prison, set to begin on Jan. 18, 2024.

Chen was permitted to remain on bond pending that hearing.

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