Chinese national Daren Li has been found guilty of laundering $73 million through crypto schemes using fake US bank accounts.
Schemes and Operations
Daren Li and his co-conspirators amassed a huge sum of money through crypto schemes. They lured investors by opening fake US bank accounts under shell companies. These accounts were used to mask the funds' origin and ownership. The victim’s funds were converted into digital assets like Tether (USDT).
Arrest and Trial
Earlier this April, Daren Li was arrested at Atlanta Airport, Georgia. His sentencing hearing is scheduled for March next year. Since Li has pleaded guilty, he faces up to 20 years in prison. US Attorney Martin Estrada stated: “Financial criminals and the money launderers who enable them wreak untold harm, ruining lives.”
Rise of Crypto Scams
Over the years, the number of crypto scams has increased as the user base of digital currencies has grown. Reports showed that in the first half of this year, scammers amassed $679 million in digital assets, making it the second most lucrative method after bank transfers.
This case highlights the dangers of crypto investments and calls for investors to remain vigilant and cautious.
