Fugitive sentenced to 20 years for $73M crypto scam

Daren Li was sentenced in absentia to 20 years for a $73M crypto scam targeting Americans, with funds laundered through U.S. accounts and Cambodia-based operations.

A U.S. federal court has sentenced Daren Li, a dual citizen of China and St. Kitts and Nevis, to 20 years in prison for orchestrating a $73 million global cryptocurrency fraud and money laundering scheme. The sentencing occurred in absentia after Li removed his electronic monitoring device and fled supervision. Prosecutors revealed that the scam targeted American victims through social media, dating apps, and fraudulent trading platforms, using the "pig butchering" method to build trust before defrauding them. The operation was run from scam centers in Cambodia and involved multiple co-conspirators, eight of whom have already pleaded guilty. At least $73.6 million was laundered through U.S. bank accounts and shell companies before being converted into cryptocurrency. Cambodia has become a hotspot for such scams, contributing to significant illicit crypto flows. Authorities are working with international law enforcement to locate and extradite Li.