A dual national of China and St. Kitts and Nevis, Daren Li, has been sentenced to 20 years in US federal prison for orchestrating a global cryptocurrency investment scam that stole over $73 million. Li, 42, received the maximum sentence after pleading guilty to conspiracy to launder funds obtained through fraudulent “pig butchering” schemes that targeted American investors. His sentencing coincides with a reported resurgence in crypto phishing losses, which totaled $370 million in January 2026 according to security firm CertiK.
Daren Li was sentenced to 20 years in prison for his role in a global cryptocurrency scam. The scheme defrauded victims of more than $73 million.
Li and his co-conspirators used spoofed websites resembling legitimate trading platforms. They often initiated contact through social media or dating apps to cultivate trust before persuading targets to transfer funds.
“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. Authorities stated they would ensure Li is returned to the United States to serve his sentence.
Li is the first defendant to be sentenced in the case. Eight other co-conspirators have pleaded guilty and await sentencing.
He admitted to tricking victims into transferring at least $73.6 million. This included $59.8 million laundered through U.S. shell companies.
The investigation is being led by the U.S. Secret Service Global Investigative Operations Center. Multiple other federal agencies are assisting.
Crypto scams saw a significant uptick at the start of 2026. Data shows scammers stole $370 million in January, the highest monthly figure in 11 months.
Notably, $311 million of that total was attributed to phishing scams. This followed a single social engineering incident that cost a victim approximately $284 million.
The $370 million marked the biggest monthly loss since February 2025. That earlier period was dominated by a $1.4 billion hack of the Bybit exchange.
