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

BlockBeats News, February 10th. The U.S. Department of Justice reported that Daren Li, a man holding dual citizenship of China and Saint Kitts and Nevis, was sentenced in absentia by the U.S. Central District Court of California on February 9th to a maximum statutory sentence 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 had pleaded guilty in November 2024, admitting to his participation in a transnational cryptocurrency investment scam and money laundering conspiracy operating from a fraud zone in Cambodia. However, he cut off his electronic monitoring bracelet and absconded in December 2025 and is currently a fugitive.

The prosecution revealed that the scam ring actively contacted victims through social media, telephone, text messages, and online dating platforms, establishing "professional or romantic relationships" to gain trust. They utilized fake cryptocurrency trading platforms and phishing websites to lure victims into investing in fake projects. In some cases, they impersonated customer service or technical support staff to deceive victims into transferring funds or moving cryptocurrency under the guise of "fixing a virus," among other reasons.

According to the plea agreement, Li and his accomplices caused at least $73.6 million in victim funds losses, with $59.8 million laundered through U.S. shell company accounts and further converted into cryptocurrency to conceal the source and flow of funds. Li was identified as directly involved in receiving and controlling the stolen funds.

As of now, 8 co-conspirators have pleaded guilty, with Li being the first defendant sentenced for directly receiving stolen money. The case was investigated by the U.S. Secret Service with assistance from multiple international law enforcement agencies. The U.S. Department of Justice stated that they will continue to pursue international cooperation efforts to extradite Li back to the U.S. to serve his sentence.