A federal court in the United States 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 scheme. The operation, which officials described as a ‘pig butchering’ scam, successfully defrauded victims of more than $73 million. Li, who was previously a fugitive, pleaded guilty to conspiracy to commit money laundering after being apprehended at an airport in Atlanta earlier this year. The scheme involved moving illicit funds through a complex network of shell companies and international bank accounts to conceal the origin of the stolen cryptocurrency. In addition to the prison term, Li was ordered to serve three years of supervised release and pay full restitution to his victims. U.S. authorities stated that this significant sentence underscores their commitment to tracking down and prosecuting individuals who leverage digital assets to facilitate global financial crimes and exploit innocent investors.
Source: US Sentences Fugitive to 20 Years Over $73 Million Crypto Scam
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