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US Court Sentences Fugitive to 20 Years for $73 Million Crypto Fraud

A California federal judge has sentenced Daren Li, a fugitive involved in a $73 million cryptocurrency scam, to 20 years in prison.

Li, a dual national of China and St. Kitts and Nevis, remains at large after evading electronic monitoring.

The court found that he conspired with others to defraud American victims through deceptive online relationships and fake investment platforms.

Prosecutors described the tactics used as "pig butchering," where trust is built with victims before funneling them to bogus crypto investments.

Li's operation primarily took place in Cambodia, a noted hub for such scams, generating millions daily via structured fraudulent activities.

Additionally, he was sentenced to three years of supervised release should he be apprehended.

TRM Labs reports that since 2021, more than $96 billion linked to such operations has flowed to Cambodia, highlighting extensive money laundering practices.

The sentencing reflects growing global concern over cryptocurrency scams, with international law enforcement collaborating to tackle these transnational threats.

With social-engineering scams accounting for significant financial losses in the crypto sphere, this case underscores the urgent need for increased vigilance among investors.

Li is among several co-conspirators, marking a critical step in addressing the rampant fraud affecting millions worldwide.