PANews reported on November 13 that according to an announcement by the U.S. Department of Justice, Daren Li, a dual citizen of China and St. Kitts and Nevis, pleaded guilty to one count of conspiracy to launder money because he participated in a money laundering scheme for a cryptocurrency investment scam that yielded millions of dollars in proceeds. Daren Li and his accomplices used a network of shell companies and international bank accounts to launder more than $73 million from victims of the cryptocurrency investment scam. Daren Li is scheduled to be sentenced on March 3, 2025. Li faces up to 20 years in prison.
Earlier in May, a US court revealed that two people were arrested on suspicion of laundering at least $73 million through shell companies related to crypto investment scams.