A federal judge in California on Monday sentenced Daren Li, a 42-year-old dual national of China and St. Kitts and Nevis, to the statutory maximum of 20 years in prison for his role in a $73 million cryptocurrency investment fraud.
The sentence was imposed in absentia - Li became a fugitive in December 2025 after cutting off his ankle monitor and disappearing.
The case is among the largest pig butchering prosecutions to reach sentencing in the U.S., built around Cambodia-based scam compounds that targeted American victims through spoofed trading platforms.
What Happened
Li pleaded guilty in November 2024 to conspiracy to commit money laundering tied to cryptocurrency fraud. According to his plea agreement, co-conspirators in Cambodia contacted victims through social media, phone calls, and dating services.
After building trust through fake romantic or professional relationships - often over encrypted messaging apps - the group steered victims to spoofed cryptocurrency platforms designed to look legitimate. In other cases, co-conspirators posed as tech support agents and convinced victims to send money to fix nonexistent computer problems.
Li admitted that at least $73.6 million in victim funds flowed into accounts he and his associates controlled. Of that, roughly $59.8 million moved through U.S. shell companies set up to launder proceeds into cryptocurrency.
Eight co-conspirators have pleaded guilty so far. Li is the first defendant sentenced who directly received victim funds.
Read also: Circle Ventures Backs Perpetual Futures Platform edgeX, Plans USDC On EDGE Chain
