Pig butchering ringleader sentenced to 20 years for $73 million fraud operation

Summary

Daren Li, a 42-year-old dual citizen of China and St. Kitts and Nevis, was sentenced to 20 years in prison in a California federal court for leading a $73 million "pig butchering" crypto scam. Li and at least eight others created fake cryptocurrency trading platforms and used social media and dating apps to build trust with victims before stealing their money. The scam involved laundering $59.8 million through U.S.-based shell corporations. Li fled the U.S. in December 2025 after removing his electronic ankle monitor, becoming a fugitive. The U.S. Secret Service and other agencies are leading the global investigation into the case. The sentencing comes amid a rise in crypto fraud, with $370 million stolen in January 2026 alone, much of it through phishing scams.