Man admits to $73 million cryptocurrency fraud and escapes from custody., 2026/02/10 15:22:11

A federal court in the United States sentenced Daren Li to 20 years in prison for orchestrating a cryptocurrency fraud scheme amounting to $73 million. Li managed to escape from custody, and the sentence was issued in absentia.

Li had eight accomplices who pleaded guilty, but he was the only one directly receiving the stolen funds, according to court documents. Prosecutors, as part of a money laundering investigation, determined that at least $59.8 million of the funds taken from victims passed through accounts in the United States. 

As per court records, the fraudsters targeted victims through social media and created fake investment platforms on counterfeit websites that mimicked legitimate trading services. The perpetrators established false personal or professional relationships with victims to gain their trust and persuade them to transfer money. After receiving the funds, the criminals funneled the money through shell companies and bank accounts in the U.S., subsequently converting it into USDT stablecoins. 

Daren Li, who holds dual citizenship (China and Saint Kitts and Nevis), was apprehended on April 12, 2024, at Hartsfield-Jackson Airport in Atlanta. Following his arrest, Li was transported to California, where he faced charges of conspiracy to launder money, involvement in an organized crime syndicate, and the establishment of fictitious financial companies (primarily in Cambodia). In the fall of 2024, the defendant admitted guilt. 

At the end of 2025, Daren Li violated the terms of his supervision: he removed his electronic monitoring device and evaded U.S. authorities. The specifics of how he accomplished this remain unclear to law enforcement. The U.S. Department of Justice stated in court that it continues to search for Li and intends to pursue his extradition if he is located in another country.