A convicted money launderer for offshore crypto investment scams — who is now on the run — has been sentenced, in absentia, to 20 years in prison by a U.S. court.
In late 2024, Daren Li pled guilty to money laundering conspiracy charges in a California court.
In a plea deal, Li admitted to involvement with crypto scams that used fake websites and domains that resembled legitimate crypto trading platforms to promote fraudulent crypto investments to investors that were contacted through unsolicited social media messages, phone calls and other means.
Li admitted to laundering more than US$73 million in proceeds from the scams that were operated from Cambodia, including at least US$59.8 million that was funnelled through U.S.-based shell companies in an effort to hide the origin of the funds.
According to U.S. authorities, Li cut off his ankle monitor and fled in December 2025. Now, he’s been sentenced, in absentia, to the statutory maximum of 20 years in prison, followed by three years of supervised release.
So far, eight people have pled guilty in connection with the scams. Li is the first defendant who was directly involved in the ultimate receipt of victim funds to be sentenced.