Vanessa
Daren Li, a dual citizen of China and St. Kitts and Nevis, has pleaded guilty to a charge of conspiracy to commit money laundering for his role in a scheme that laundered over $73 million in proceeds from cryptocurrency investment scams targeting U.S. victims.
According to court documents, Li, 41, admitted to conspiring with others to move victim funds through a network of shell companies and international bank accounts. Using encrypted messaging to coordinate with co-conspirators, Li orchestrated the setup of U.S. bank accounts on behalf of shell companies to facilitate the transfer and conversion of illicit funds into cryptocurrency, specifically Tether (USDT). These funds were then funneled into crypto wallets controlled by Li and his associates.
Li was arrested in April at Hartsfield-Jackson Atlanta International Airport. “Although Li committed this offense from outside the United States, he was not beyond the reach of the Justice Department,” said Nicole M. Argentieri, Principal Deputy Assistant Attorney General.
U.S. Attorney Martin Estrada for the Central District of California warned investors to exercise caution, stating, “Investors should be diligent and on guard against anyone offering quick riches via new, exotic investments.”
The U.S. Secret Service’s Global Investigative Operations Center is leading the investigation, with assistance from multiple international and federal agencies. Daren Li is scheduled for sentencing on March 3, 2025, and faces a potential maximum sentence of 20 years in prison.
The case comes amid heightened scrutiny of cryptocurrency-related fraud. In another recent development, a New York court denied former Celsius Network CEO Alex Mashinsky’s motion to dismiss fraud charges related to alleged price manipulation and investor deception, reflecting a broader crackdown on crypto scams and financial misconduct.
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Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
