A US federal court has sentenced Daren Li to 20 years in prison for orchestrating a $73 million “pig butchering” crypto scam that targeted American investors and laundered funds through shell companies.
Li, a dual national of China and St Kitts and Nevis, received the statutory maximum sentence in the Central District of California along with three years of supervised release, according to the US Department of Justice.
“The Court’s sentence reflects the gravity of Li’s conduct, which caused devastating losses to victims throughout our country,”
Said Assistant Attorney General, A Tysen Duva.
Prosecutors said Li and at least eight co-conspirators created spoofed websites posing as legitimate trading platforms, building trust with victims through social media and dating apps before persuading them to transfer funds.
Court filings show the group admitted to moving at least $73.6 million in victim funds, including nearly $60 million routed through US shell companies used to launder proceeds.
Eight other co-conspirators have pleaded guilty and are awaiting sentencing, while Li had been a fugitive after removing his electronic ankle monitor before being returned to custody.
The case comes as crypto scams resurface in early 2026, with CertiK reporting $370 million in losses in January alone, driven largely by phishing attacks.