United

DeFi

Million

Gary

April

<div class="intro-text">
 Daren Li could face a maximum of 20 years in a United States prison after pleading guilty to laundering millions in stolen funds through cryptocurrency scams.&nbsp;
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According to a plea deal<a href="https://www.courtlistener.com/docket/68536291/51/united-states-v-li/" rel="noopener noreferrer nofollow"> filed</a> on November 11 in a U.S. federal court, the 41-year-old dual citizen of China and St. Kitts and Nevis admitted his role in a network that laundered over $73 million via crypto investment scams, including notorious “pig butchering” schemes.
From August 2021 to April 2024, Li allegedly directed individuals to open U.S. bank accounts under shell companies to disguise the origin and ownership of funds collected from victims. Once deposited in these accounts, the illicit proceeds were converted into Tether (USDT) and funnelled to wallets controlled by Li and his accomplices. The U.S. Department of Justice (DOJ) noted that one of these wallets held over $341 million in digital assets.
Nicole M. Argentieri, head of the Department’s Criminal Division,<a href="https://www.justice.gov/usao-cdca/pr/foreign-national-pleads-guilty-laundering-millions-dollars-illicit-proceeds" rel="noopener noreferrer nofollow"> described</a> Li’s actions as an “offense committed outside the United States using a web of shell companies and international bank accounts.”
Court filings reveal that at least $73.6 million in fraudulently obtained funds were funnelled into Li’s network, including around $59.8 million through U.S.-based shell companies to aid the laundering process. Li was<a href="https://www.justice.gov/opa/pr/two-foreign-nationals-arrested-laundering-least-73m-through-shell-companies-tied" rel="noopener noreferrer nofollow"> arrested</a> at Atlanta airport in April, and a co-defendant, Yicheng Zhang, was later detained in Los Angeles.
Judge R. Gary Klausner scheduled Li’s sentencing for March 3, 2025, where he may face prison time and a $500,000 fine or twice the amount laundered. Prosecutors have flagged that Li could be ordered to repay victims up to $73 million.
This case adds to a rising wave of financial fraud incidents, where law enforcement faces ongoing challenges in combating cybercrime.<a href="https://defi-planet.com/2024/10/japanese-police-arrest-ringeader-of-crime-group-linked-to-100-million-yen-scam-and-monero-laundering/" rel="noopener noreferrer nofollow"> Japanese law enforcement authorities arrested an individual suspected of leading a group</a> linked to nearly 900 fraudulent transactions and laundering over 100 million yen via cryptocurrency.
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The post <a href="https://defi-planet.com/2024/11/man-faces-up-to-20-years-in-u-s-prison-for-role-in-73-million-crypto-laundering-scheme/" rel="noopener noreferrer nofollow">Man Faces Up to 20 Years in U.S. Prison for Role in $73 Million Crypto Laundering Scheme</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Man Faces Up to 20 Years in U.S. Prison for Role in $73 Million Crypto Laundering Scheme

DeFi Planet

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