A Chinese national, Daren Li, has admitted to laundering $73 million linked to crypto schemes through multiple shell companies in the United States.
Case Details
In November, Daren Li pleaded guilty to conspiracy to commit money laundering, according to the U.S. Department of Justice. Li, a dual citizen of China and St. Kitts and Nevis, was involved in laundering proceeds from investment scams including crypto schemes.
Money Laundering Scheme
Between August 2021 and April 2024, Li and his accomplice conducted transactions with proceeds from wire fraud. He instructed accomplices to open U.S. bank accounts under fake companies, converting the funds into cryptocurrencies like Tether, distributing them across wallets.
Consequences and Sentencing
Li awaits sentencing set for March 2025, facing up to 20 years in prison along with fines and restitution. His schemes have costed global victims over $75 billion.
Daren Li's case highlights the scale of crypto fraud and the importance of international cooperation in combating financial crimes.
