Daren Li Faces 20 Years for Involvement in Massive Crypto Scam

Share This Post

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.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Notcoin (NOT) Gears Up For Major Rally – Is $0.12 Still Within Reach?

Notcoin (NOT) has recently been in an impressive price form rising by 1971% in the past day to reach a local peak of $00085 While the momentum on the Telegram-based cryptocurrency has cooled in the

French Users Reportedly Blocked From Polymarket Predictions Market

Social media reports suggest that Polymarket has blocked French users and warned against attempts to circumvent the block According to one social media post, Polymarket now includes France-based

$100K Bitcoin Is Only The Beginning, VanEck Targets $180K

Recent gains in Bitcoin are owed in part to changes in the political environment, particularly in the US Incoming US President Donald Trump is backing cryptocurrencies, sparking renewed market

Time To Sell XRP? Whale Dump $27.2 Million Worth of Tokens

The post Time To Sell XRP Whale Dump $272 Million Worth of Tokens appeared first on Coinpedia Fintech News Ripple’s native token XRP has gained massive attention from crypto enthusiasts due to its

$500M WBTC Burned in the Wake of Coinbase’s Delisting Move

Five days ago, Coinbase announced plans to remove wrapped bitcoin (WBTC) from its platform on Dec 19, 2024 In the days following the announcement, the WBTC supply has contracted Wrapped

Bitcoin ETFs Set New Records in Brazil

The recent bitcoin price hike that has driven exchange rates close to $100,000 per token has also fueled the demand for and prices of Bitcoin exchange-traded fund (ETF) shares in the Brazilian stock