A $73 million global cryptocurrency investment scam has led to the sentencing of Daren Li, a dual national of China and St. Kitts and Nevis, to the statutory maximum of 20 years in prison for his role in the international conspiracy.
Li, 42, is a fugitive after cutting off his ankle electronic monitoring device and absconding in December 2025.
According to the U.S. Attorney’s Office, Li and his co-conspirators laundered over $73 million dollars stolen from American victims. The scheme was carried out from scam centers in the Kingdom of Cambodia.
The victims were contacted through unsolicited social-media interactions, telephone calls and messages, and online dating services. The co-conspirators would gain the trust of victims by establishing either professional or romantic relationships with them, often communicating by electronic messages sent via end-to-end encrypted applications.
The scheme involved the use of spoofed domains and websites that resembled legitimate cryptocurrency trading platforms and promoted fraudulent cryptocurrency investments to the victims after gaining their trust.
As part of his plea agreement, Li admitted that he and his co-conspirators caused at least $73.6 million in victim funds to be directly deposited into bank accounts associated with defendant and his co-conspirators, including at least $59.8 million from U.S. shell companies that laundered victim proceeds.
Li further confessed that he would direct co-conspirators to open U.S. bank accounts established on behalf of shell companies and would monitor the receipt of interstate and international wire transfers of victim funds. He and other co-conspirators would receive victim funds in financial accounts that they controlled and then monitor the conversion of victim funds to virtual currency.
Eight co-conspirators have pleaded guilty so far. Li is the first defendant to be sentenced who was directly involved in the ultimate receipt of victim funds.
The U.S. Secret Service (USSS) Global Investigative Operations Center is investigating the case.
Mandatory Facts:
Defendant: Daren Li
Criminal Charges: Conspiring with others to launder funds obtained from victims through cryptocurrency scams and related fraud
City and State: Central District of California
Exact Date: November 12, 2024 (plea agreement date)
Sentence or Outcome: 20 years in prison
Dollar Amounts: $73.6 million in victim funds, $59.8 million from U.S. shell companies
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Key Facts
- State: California
- Category: Cybercrime|White Collar Crime
- Source: DOJ Press Release â†â€â€
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