Crypto Romance Scam Mastermind Sentenced to 20 Years in $73M Scheme
Daren Li, a dual national of China and St. Kitts and Nevis, has been sentenced to 20 years in prison for orchestrating a sophisticated crypto romance scam that defrauded victims of over $73 million. The scheme involved fake trading platforms designed to mimic legitimate services, with Li and his associates building trust through social media and dating apps over weeks or months before soliciting funds.
Prosecutors detailed how the group employed 'pig butchering' tactics—slowly grooming targets until they willingly transferred money. Nearly $60 million was funneled through US-based shell companies, with portions converted to cryptocurrency to obscure the trail. Eight co-conspirators have pleaded guilty as investigations continue to uncover additional connections.
