TechFlow news — On November 13, according to The Block, Daren Li (41), a dual national of China and Saint Kitts and Nevis, admitted his involvement in a $73.6 million cryptocurrency "pig-butchering" scam and pleaded guilty to conspiracy to commit money laundering.
The U.S. Department of Justice stated that Li and his accomplices laundered funds through a network of shell companies and international bank accounts, directing co-conspirators to open U.S. bank accounts under the names of these shell companies and overseeing the conversion of victims’ funds into USDT, which were then transferred into cryptocurrency wallets under his control. Although Li carried out the crimes outside the United States, he was ultimately arrested at Atlanta International Airport in April this year. He now faces up to 20 years in prison and is scheduled to be formally sentenced on March 3, 2025.
