A federal court has sentenced Daren Li, a 41-year-old dual citizen of China and St. Kitts and Nevis, to 20 years in prison for orchestrating a massive cryptocurrency money laundering operation. The scheme, known as “pig butchering,” defrauded victims of more than $73 million. Li and his co-conspirators managed an international network that laundered illicit funds through various shell companies and offshore bank accounts. Victims were typically lured into fraudulent investment opportunities via social media platforms, where scammers spent months building trust before convincing them to transfer large sums of money into fake crypto wallets. Prosecutors revealed that while the documented losses reached $73 million, the broader network handled over $341 million in total. In addition to his prison term, Li was ordered to pay restitution to the victims and faces three years of supervised release following his sentence. This case marks a significant victory for authorities in the ongoing crackdown on sophisticated cyber-enabled financial crimes.
Source: Crypto scam mastermind gets 20 years for $73M pig butchering scheme
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