Chinese national Daren Li, the ringleader of a cryptocurrency scam, was sentenced to 20 years in prison for defrauding $73 million.

PANews reported on February 10 that, according to the U.S. Department of Justice (DOJ), a U.S. court sentenced 42-year-old Daren Li to 20 years in federal prison for leading a $73 million global cryptocurrency scam that primarily targeted U.S. investors. According to the DOJ, Daren Li, a dual citizen of China and St. Kitts and Nevis, was sentenced to the maximum term in the Central District of California, with an additional three years of supervised release. Prosecutors stated that Daren Li and at least eight accomplices operated a so-called "pig butchering" scam, using fake websites and domains resembling legitimate trading platforms. They built relationships with victims through social media and dating apps, enticing them to transfer funds to accounts controlled by the group. The group reportedly defrauded victims of at least $73.6 million, of which $59.8 million was laundered through U.S. shell companies. Daren Li has pleaded guilty, and the other eight accomplices have also pleaded guilty and are awaiting sentencing. The investigation is ongoing, with the U.S. Secret Service Global Investigations Center, Homeland Security Investigations, and other agencies assisting in the investigation.

According to previous reports, the U.S. Department of Justice stated that Daren Li, one of the suspects in the $73 million cryptocurrency money laundering case, has pleaded guilty .