Chinese citizen Daren Li has admitted his involvement in laundering $73 million stolen through various cryptocurrency scams. The crimes took place from August 2021 to April 2023.
Details of Daren Li's Case
Daren Li, 41, pleaded guilty to conspiring to commit money laundering connected to cryptocurrency investment scams. These included schemes like 'pig butchering' and involved using U.S.-based bank accounts set up under shell companies.
Laundering Mechanism
After funds were transferred to shell accounts, they were converted to Tether (USDT) and distributed to wallets controlled by Li and his co-conspirators. One wallet was used to receive over $341 million in digital assets. Li used international bank accounts and shell companies to obscure the operations.
Legal Consequences and Future Hearing
Li was arrested at Atlanta airport in April 2023. After admitting guilt, Judge R. Gary Klausner scheduled a sentencing hearing for March 3, 2025. Li faces up to 20 years in prison and a fine of $500,000 or twice the profit from the crime. Prosecutors are also considering full restitution to the victims.
Chinese citizen Daren Li has admitted guilt in a large-scale money laundering operation through crypto schemes. His arrest and subsequent legal proceedings reflect the growing law enforcement response to such crimes involving digital assets.
