Man sentenced to 20 years for role in $74 million crypto investment fraud

Daren Li, a dual citizen of China and St. Kitts and Nevis, was sentenced by a federal judge in the Central District of California to the maximum of 20 years in prison for his involvement in a cryptocurrency investment fraud and money laundering conspiracy that defrauded victims of at least $73.6 million. Li, who pleaded guilty to conspiracy to commit money laundering in November 2024, remains at large after fleeing custody in December 2025. He admitted to managing the flow of victim funds through a complex network of accounts, noting that co-conspirators used social media and dating services to build relationships with victims before directing them to deposit funds into fraudulent trading platforms. Li supervised the processing of approximately $59.8 million (about 81% of the total) through U.S.-based shell companies, converting fiat currency into virtual assets to obscure the audit trail. Li is the first co-conspirator directly responsible for the final receipt of funds to be sentenced, and authorities are working with international partners to secure his return.

(Source：The Block)