Crypto Scammer Sentenced to 20 Years for $73 Million Fraud Scheme
A US federal court has sentenced Daren Li, a dual citizen of China and St. Kitts and Nevis, to 20 years in prison for orchestrating a global cryptocurrency fraud scheme that stole at least $73 million from victims. Li, who escaped custody in December 2025 after tampering with his electronic monitoring device, was convicted in absentia as the central figure in the operation.
The scheme targeted victims primarily in the United States but also internationally, using social media, dating platforms, and professionally designed fake investment websites to build trust. Scammers posed as legitimate investors, displaying fabricated profits to lure victims into depositing funds. The stolen money was funneled through shell companies and international bank accounts before being converted into cryptocurrency to obscure its trail.
Prosecutors emphasized the sophisticated nature of the operation, which relied on crypto's pseudonymous features to launder and conceal illicit gains. The case underscores the growing challenges regulators face in combating cross-border crypto-related crimes.
