U.S. sentences crypto scam mastermind to 20 years over $73M fraud

A U.S. federal court sentenced a key figure behind a global cryptocurrency investment scam to 20 years in prison, capping one of the largest prosecutions tied to so-called “pig butchering” schemes. The operation defrauded victims of more than $73 million, largely through fake trading platforms and online deception.

Daren Li was sentenced in the Central District of California while a fugitive. Li, a dual citizen of China and St. Kitts and Nevis, removed his electronic ankle monitor and fled U.S. supervision in late 2025. Authorities are continuing efforts to locate and return him to serve the sentence.

He had pleaded guilty in November 2024 to conspiracy to commit money laundering, acknowledging his role in moving proceeds generated by overseas scam centers operating primarily out of Cambodia. The scheme relied on unsolicited social media outreach, fake cryptocurrency investment platforms and spoofed websites designed to mimic legitimate trading services.

United States, California

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