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LOS ANGELES — In a case that underscores the dark underbelly of global cryptocurrency crime, Daren Li, a dual national of China and St. Kitts and Nevis, has been sentenced in absentia to the statutory maximum 240 months (20 years) in federal prison for his central role in an international cryptocurrency investment conspiracy that siphoned more than US$73 million from victims—primarily Americans—through scam centers operating out of Cambodia.

Li, 42, is now a fugitive, having cut off his ankle monitoring device and absconded in December 2025. The sentence was handed down by R. Gary Klausner, with restitution to be determined at a later date.

A GLOBAL SCAM, A DIGITAL NET

Li pleaded guilty in November 2024 to conspiracy to commit money laundering, admitting his role in orchestrating a sophisticated web of deception that exploited the speed, anonymity, and reach of modern technology.

“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 U.S. Attorney Bill Essayli, urging the public to avoid unsolicited online solicitations—especially those involving money.

According to court filings, unindicted co-conspirators initiated contact with victims via social media, phone calls, text messages, and online dating platforms, cultivating trust through fabricated professional or romantic relationships. Once rapport was established, victims were steered to spoofed websites masquerading as legitimate cryptocurrency trading platforms.

In parallel schemes, victims were falsely told they were dealing with customer service or tech support representatives and were induced to transfer funds—by wire or crypto—to “fix” non-existent computer problems.

FOLLOW THE MONEY

As part of his plea, Li acknowledged directing associates to open U.S. bank accounts under shell companies, monitoring the flow of interstate and international wire transfers, and overseeing the conversion of stolen funds into virtual currency to conceal their origins.

Investigators traced at least US$73.6 million directly into accounts controlled by Li and his network, including US$59.8 million funneled through U.S. shell companies specifically designed to launder proceeds.

Assistant Attorney General A. Tysen Duva of the U.S. Department of Justice said the sentence reflects “the gravity of Li’s conduct,” adding that authorities will pursue his return to the United States to serve the full term.

INTERNATIONAL DRAGNET

Eight co-conspirators have already pleaded guilty. Li is the first defendant sentenced who was directly involved in receiving victim funds, a distinction that places him squarely at the center of the operation.

The investigation was led by the U.S. Secret Service Global Investigative Operations Center, with support from Homeland Security Investigations, U.S. Customs and Border Protection, the U.S. Department of State’s Diplomatic Security Service, the Dominican National Police, and the U.S. Marshals Service—highlighting the cross-border nature of the crime.

A BROADER CRACKDOWN

Federal prosecutors emphasized that the case is part of a sustained offensive against scam centers worldwide, combining cybercrime expertise with aggressive asset seizure, digital infrastructure takedowns, and money-laundering disruption. Since 2020, the DOJ’s Computer Crime and Intellectual Property Section has secured over 180 cybercrime convictions and orders returning more than US$350 million to victims.

PUBLIC WARNING

Authorities are urging anyone who believes they have been targeted by digital-asset investment fraud to report it immediately to IC3.gov.

As Li remains at large, the case stands as a stark warning: the global reach of crypto scams may be vast—but so is the determination of law enforcement to track, expose, and punish those who exploit trust for profit.

Read More:

https://www.justice.gov/usao-cdca/pr/dual-national-china-and-st-kitts-and-nevis-sentenced-20-years-federal-prison-role