A U.S. court has sentenced fugitive Daren Li to 20 years in prison for leading a cryptocurrency fraud scheme involving about $73 million. The scheme targeted American victims through social media and dating apps, prosecutors said. Li, who remains at large, was found guilty in the Central District of California on charges related to cryptocurrency fraud and money laundering, with a 20-year sentence followed by three years of supervised release in absentia. Li pleaded guilty on November 12, 2024, admitting that he and his co-conspirators directly contacted victims via social media, phone calls, and online dating services as part of a broader fraud.
Prosecutors said the group used social-engineering tactics, including fake romantic and professional relationships, to lure victims into transfers to spoofed cryptocurrency platforms. The case also highlights Cambodia’s role as a hub for “pig-butchering” crypto scams, which generate significant illicit revenue and pose a major risk to crypto users worldwide, according to TRM Labs. Investigators said Li and his associates laundered funds stolen from U.S. victims, and authorities are pursuing Li for extradition to serve his sentence in the United States.
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