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Chinese National Sentenced for $73m Crypto Investment Fraud

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1 unique sources, 1 articles

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A Chinese national, Daren Li, has been sentenced to 20 years in prison for his role in a global crypto-investment fraud scheme that defrauded victims of over $73 million. Li pleaded guilty to conspiring to launder funds obtained through cryptocurrency scams and related fraud. The scheme involved romance baiting and tech support scams, with victims contacted through social media, online dating sites, and cold calls. Li and his co-conspirators used spoofed websites and domains to appear legitimate and laundered proceeds through US shell companies.

Timeline

  1. 11.02.2026 14:05 1 articles · 14h ago

    Chinese National Sentenced for $73m Crypto Fraud

    Daren Li, a Chinese national, was sentenced to 20 years in prison for his role in a global crypto-investment fraud scheme that defrauded victims of over $73 million. Li pleaded guilty to conspiring to launder funds obtained through cryptocurrency scams and related fraud. The scheme involved romance baiting and tech support scams, with victims contacted through social media, online dating sites, and cold calls. Li and his co-conspirators used spoofed websites and domains to appear legitimate and laundered proceeds through US shell companies.

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Information Snippets

  • Daren Li, a dual national of China and St. Kitts and Nevis, was sentenced in absentia after cutting off his electronic tag and disappearing in December 2025.

    First reported: 11.02.2026 14:05
    1 source, 1 article
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  • Li admitted to tricking victims into depositing at least $73.6 million into bank accounts under the control of co-conspirators and himself.

    First reported: 11.02.2026 14:05
    1 source, 1 article
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  • An estimated $59.8 million was placed in accounts associated with US shell companies that laundered the proceeds.

    First reported: 11.02.2026 14:05
    1 source, 1 article
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  • Li directed co-conspirators to open US bank accounts established by fake companies to evade investigators.

    First reported: 11.02.2026 14:05
    1 source, 1 article
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  • The scheme included romance baiting (pig butchering) and tech support scams, using spoofed websites and domains.

    First reported: 11.02.2026 14:05
    1 source, 1 article
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  • Eight co-conspirators have pleaded guilty, but Li is the first to be sentenced who was directly involved in receiving victim funds.

    First reported: 11.02.2026 14:05
    1 source, 1 article
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