A man sentenced to 20 years in prison for a $73 million cryptocurrency investment scam

On February 10, the U.S. Department of Justice announced that Daren Li, a man with dual citizenship in China and Saint Kitts and Nevis, was sentenced in absentia by the Central District of California Federal Court on February 9 to the maximum statutory term of 20 years in prison, with an additional 3 years of supervised release, for his involvement in a global cryptocurrency investment scam involving over $73 million. The Department of Justice stated that 42-year-old Li pleaded guilty in November 2024, admitting to participating in a transnational crypto investment scam and money laundering scheme operated from a Cambodian scam park. However, he cut off his electronic ankle monitor in December 2025 and fled, and is still at large. Prosecutors disclosed that the scam group actively contacted victims via social media, phone calls, text messages, and online dating platforms, establishing “professional or romantic relationships” to gain trust, and used forged crypto trading platforms and phishing websites to lure victims into investing in fake projects; in some cases, they also impersonated customer service or technical support staff, using “virus repair” as a pretext to trick victims into transferring funds or crypto assets. According to the plea agreement, Li and his accomplices caused at least $73.6 million in victim losses, with $59.8 million laundered through U.S. shell company accounts and further converted into cryptocurrency to obscure the source and flow of funds. Li was found to have directly participated in the final receipt and control of the stolen funds. To date, eight co-conspirators have pleaded guilty, and Li is the first defendant to be sentenced for directly receiving illicit funds. The case was led by the U.S. Secret Service with assistance from multiple international law enforcement agencies. The U.S. Department of Justice stated it will continue to promote international cooperation in an effort to extradite Li back to the U.S. for prosecution.