April

Million

Gary

A Chinese dual citizen has pleaded guilty for his involvement in laundering $73 million obtained through various crypto scams.
Daren Li, 41, admitted guilt to one count of conspiracy to commit money laundering in connection with a scheme that generated millions from crypto investment scams, including “pig butchering,” between August 2021 and April 12, 2024, as outlined in a Nov. 11 plea agreement filed in a California federal court.
Li acknowledged directing others to open U.S.-based bank accounts under shell companies to “conceal or disguise the nature, location, source, [and] ownership” of the funds, according to court documents.
Once victims transferred millions into these accounts, the funds were converted into Tether (USDT) and sent to wallets under the control of Li and his associates.
Court records reveal that one of the wallets involved received over $341 million in digital assets.
Nicole M. Argentieri, head of the Justice Department’s Criminal Division, noted in a Nov. 12 statement that Li executed these activities outside the U.S., utilizing “a web of shell companies and international bank accounts.”
Li admitted that $73.6 million in stolen funds was deposited into accounts linked to the scheme, and at least $59.8 million came from U.S.-based shell companies that helped launder the proceeds.
He was arrested at Atlanta’s airport on April 12, while his alleged co-conspirator, Yicheng Zhang, was detained in Los Angeles on May 16.
Following his guilty plea, Judge R. Gary Klausner scheduled Li’s sentencing for March 3, 2025.
Li could face up to 20 years in prison, three years of supervised release, and a fine of $500,000 or twice the total gain from the offense, whichever is greater.
Prosecutors have also suggested that he may be “required to pay full restitution to the victims,” which could range from $4.5 million to $73 million.

Chinese Citizen Pleads Guilty to Laundering $73 Million

Crypto Intelligence

Other articles published on Nov 13, 2024

PNUT Token: From Dispute to Market Recognition, Now Available on BYDFi

Reddit Sells Majority of Crypto Portfolio, Offloading Bitcoin and Ethereum

Dogizen Raises $1.3m: Why It’s Set To Rule Telegram Gaming in 2025

U.S. House Gets Pro-Crypto Majority, 261 Representatives Elected with Industry Support

XRP Lawsuit News : Ripple vs SEC Could End Soon Amid Leadership Changes

U.S. Authorities Push to Seize Millions in Crypto Linked to Alleged Bribery Scheme by FTX Co-Founder

Join our free newsletter for daily crypto updates!