A federal court in the U.S. has sentenced Daren Li to 20 years in prison for his involvement in a global cryptocurrency scam that stole more than $73 million from the victims through fake investment platforms and online deception. Darren is a dual citizen of China and St. Kitts and Nevis. He pleaded guilty in November 2024 for laundering money from the scam centers, which were operated from Cambodia.
How the Scam Works
Authorities say these scams were done using the “pig butchering” method. Scammers would randomly contact a person through the social media app, and they would pretend to build relationships. Once they gained the trust of the victim, they were guided to fake crypto investment websites. Victims were shown fake profits to encourage them to send more money, and once large amounts were deposited, the scammers disappeared.
Prosecutors explained that this money sent from the victims is moved by Li and his associates through shell companies and passes through U.S. bank accounts. Then the money was converted into cryptocurrencies. Investigators found that nearly $60 million of stolen money flowed through accounts inside the United States.
However, in late 2025, Li removed his electronic ankle monitor and fled supervision. Because of this, the court sentenced him in absentia. U.S. authorities say they are still trying to bring him back to serve the prison terms. The Justice Department confirmed that eight other people who were connected to this have already pleaded guilty, and officials say that this is part of the larger international effort to break the crypto fraud groups. The authorities continue to work with the foreign partners to identify the suspects and freeze assets.
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