California Judge Hands Down Maximum Sentence in $73M Crypto Scam

A federal judge in California has sentenced Daren Li to 20 years in prison for his role in a $73 million cryptocurrency investment fraud. The sentence was imposed in absentia, as Li became a fugitive in December 2025 after cutting off his ankle monitor and disappearing.

The case is one of the largest 'pig butchering' prosecutions to reach sentencing in the U.S., built around Cambodia-based scam compounds that targeted American victims through spoofed trading platforms.

Li pleaded guilty in November 2024 to conspiracy to commit money laundering tied to cryptocurrency fraud. He admitted that at least $73.6 million in victim funds flowed into accounts he and his associates controlled, with roughly $59.8 million moving through U.S. shell companies set up to launder proceeds into cryptocurrency.

The maximum sentence is notable on its own, suggesting the court viewed the operation's scale as exceptionally serious. Li remains at large, and the DOJ is working with international partners to locate and return him to custody.