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

2026-02-10 01:00:57

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ChainCatcher News, the U.S. Department of Justice reports that a man with dual citizenship in China and Saint Kitts and Nevis, Daren Li, 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 involvement in a global cryptocurrency investment scam involving over $73 million.

The Department of Justice states 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 camp. 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. They used forged cryptocurrency 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 moving 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 directly involved in the final receipt and control of the stolen funds.

To date, eight co-conspirators have pleaded guilty, and Li is the first defendant sentenced for directly receiving the stolen funds. The case was led by the U.S. Secret Service, with assistance from law enforcement agencies in multiple countries. The U.S. Department of Justice stated that it will continue to promote international cooperation in an effort to extradite Li back to the U.S. to serve his sentence.

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