Money Launderer Who Moved Scam Victims' Funds Faces Up to Two Decades in U.S. Prison
A Chinese citizen, Daren Li, pleaded guilty to conspiracy to commit money laundering, laundering over $73 million from cryptocurrency investment scams linked to Cambodian "pig butchering" operations. Li, 41, was arrested at Atlanta's airport and is a resident of China, Cambodia, and the UAE. He faces up to 20 years in prison, with sentencing scheduled for March 3. Co-conspirator Yicheng Zhang was arrested in California. The DOJ emphasized its commitment to prosecuting cryptocurrency fraud perpetrators globally. In 2023, losses from crypto scams reached $4.5 billion, with pig butchering scams involving online friendships that lure victims into investing. Li managed U.S. bank accounts for shell companies and oversaw the laundering process, converting funds into Tether's USDT stablecoin. Authorities seized over $58 million from Deltec Bank in the Bahamas during related investigations.
