A Chinese national has been sentenced to two decades behind bars for his part in a global crypto-investment fraud scheme which cost victims over $73m.
Daren Li, 42, who is a dual national of China and tiny Caribbean state St. Kitts and Nevis, was sentenced by a Californian court in absentia, after cutting off his electronic tag and disappearing in December 2025.
In November 2024, he pleaded guilty to conspiring with others to launder funds obtained from victims through cryptocurrency scams and related fraud, according to the Department of Justice (DoJ).
At the time, he admitted tricking victims into depositing at least $73.6m into bank accounts under the control of co-conspirators and himself. An estimated $59.8m was placed in accounts associated with US shell companies that laundered the proceeds.
Read more on investment fraud: New NCA Campaign Warns Men Off Crypto Investment Scams.
Li confessed to directing his co-conspirators to open US bank accounts established by these fake companies in order to throw investigators off the scent. They would collectively monitor the wire transfers and conversion of these victim funds to crypto, the DoJ said.
The operation itself included a typical romance baiting (aka pig butchering) scheme.
Victims were contacted through unsolicited approaches on social media, online dating sites and even cold calls. Over a period of time, the scammers would gain their trust – in some cases by engaging in romantic relationships.
When the time was right, they would direct the victims to invest in cryptocurrency trading platforms – using spoofed websites and domains to further bolster legitimacy, the DoJ said.
On other occasions, the scammers would simply approach the victims claiming to represent a tech support company. In those cases, they would force or trick the victims into sending funds via wire transfer or to the crypto trading platforms in order to remediate a non-existent computer-related issue like a malware infection.
Eight co-conspirators have pleaded guilty so far, but Li is the first to be sentenced who was directly involved in receiving victim funds.
“While technology has made it possible for people to quickly communicate with others who live oceans away, it also has made it easier for criminals to prey on innocent victims,” said first assistant US attorney Bill Essayli. “I urge the investing public to use caution and to not talk to strangers … especially ones who solicit money online.”
A UN report from 2025 warned that cyber-enabled fraud operations are expanding on an industrial scale in Southeast Asia, especially in the “vulnerable” border areas of Myanmar and Cambodia.
However, sanctions imposed by the US and UK governments appear to be having some impact. In January this year, scam marketplace Tudou Guarantee appeared to be shutting down its Telegram operations.
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