The post Daren Li Faces 20 Years for Involvement in Massive Crypto Scam appeared first on Coinpedia Fintech News
Born in China with dual citizenship, Daren Li admitted to money laundering arising from the crypto scams, including the Pig Butchering investment fraud worth $73 million. Li, 41, took responsibility for money laundering, saying that he employed other companies and had US-based bank accounts which he used to conceal the source of the stolen funds which he converted to Tether(USDT) and distributed across different wallets. The scheme is said to have processed more than $341 million of the digital asset. Charged in April, Li may be jailed for as many as twenty years, have to serve three years of probation, and face a fine of up to $ 500,000. Sentencing: March 2025; possible restitution: Between $4,500,000 and $73,000,000.