Runaway crypto scammer gets 20 years for $73 million heist
The post Runaway crypto scammer gets 20 years for $73 million heist appeared on BitcoinEthereumNews.com.
A US federal court has sentenced the crypto scam organizer Daren Li to 20 years in prison after his involvement in a worldwide scheme that stole at least $73 million from victims. The defendant was sentenced in absentia. Li escaped in December 2025 after tampering with his electronic monitoring device and is currently missing. Although he was absent from the proceedings, the court convicted him as a central figure in the massive cryptocurrency investment scam. The crypto scam organizer is a dual citizen of China and St. Kitts and Nevis, according to the US Department of Justice, and was a central figure in coordinating a worldwide cryptocurrency fraud scheme. Prosecutors said the scheme preyed primarily on victims in the United States but also infected people in other countries. Fraud networks relied on crypto to move and conceal stolen funds Prosecutors portrayed the sprawling scheme as a global fraud conspiracy that leveraged social media, dating platforms, and fake investment websites to build trust with victims before deceiving them into sending funds to accounts controlled by Li and his co‑conspirators. After clients deposited money, it was moved through a network of shell companies and international bank accounts, then converted into cryptocurrency to obscure its origin. The websites were designed to look professional and displayed fake profits to make victims believe their investments were growing. In some cases, scammers often posed as technical support staff to trick victims into transferring money to “secure” their accounts, he said. This form of fraud is commonly referred to as “pig butchering,” a technique in which scammers gradually build the victim’s trust, then seize large sums of money. At least $73.6 million, according to court records, was funneled into accounts linked to the fraud network. Experts note that cryptocurrency has enabled criminal organizations to cross borders and transfer…
Filed under: News - @ February 10, 2026 9:28 am