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

February 10 — The U.S. Department of Justice (DOJ) announced Wednesday that Daren Li, a dual citizen of China and Saint Kitts and Nevis, was sentenced in absentia to 20 years in prison plus three years of supervised release by the U.S. Central District Court of California on February 9. Li was convicted for his role in a global cryptocurrency investment scam that defrauded victims of more than $73 million. The 42-year-old pleaded guilty in November 2024 to participating in a transnational crypto scam and money laundering conspiracy based in a fraud hub in Cambodia. But he cut off his electronic monitoring ankle bracelet and fled in December 2025, and remains a fugitive. Prosecutors said the scam ring targeted victims via social media, phone calls, text messages and online dating platforms, building "professional or romantic relationships" to earn trust. The group used fake crypto trading platforms and phishing sites to trick people into investing in fraudulent projects. In some cases, they posed as customer service or tech support to get victims to transfer funds or move crypto, claiming to "fix a virus" or for other false reasons. Per his plea agreement, Li and his co-conspirators caused at least $73.6 million in losses to victims. Some $59.8 million was laundered through U.S. shell company accounts, then converted to crypto to hide the funds’ origin and flow. Li was directly involved in receiving and controlling the stolen money. To date, eight co-conspirators have pleaded guilty. Li is the first defendant sentenced for directly receiving stolen funds. The U.S. Secret Service led the investigation, with support from multiple international law enforcement agencies. The DOJ said it will keep working with international partners to extradite Li to the U.S. to serve his sentence.