Daren Li, a 41-year-old Chinese dual citizen, has pleaded guilty to conspiracy to commit money laundering in connection with a $73 million cryptocurrency scam. The scheme operated from August 2021 to April 2022, involving the opening of U.S.-based bank accounts under shell companies to hide the origins of stolen funds. Li admitted to instructing co-conspirators on laundering funds, which were ultimately converted into Tether. One wallet associated with the scheme received over $341 million in digital assets. Li faces a maximum sentence of 20 years in prison and may also be required to pay restitution, which could range from $4.5 million to $73 million. His sentencing hearing is scheduled for March 3, 2025.

Source 🔗