U.S. authorities sentenced Daren Li to the statutory maximum of 20 years after convicting him in a cross-border confidence scam that relied on social media, phone calls and dating services to steal at least tens of millions from victims. Reports cite alleged losses in excess of $73 million and highlight continued international enforcement against operators using romance and social engineering to channel victims into fake crypto investments.

A U.S. federal court sentenced Daren Li to 20 years in prison following his conviction for orchestrating a widespread international confidence scam that preyed on victims via social media, dating platforms and telephone outreach. Prosecutors say Li and co-conspirators cultivated relationships and trust with victims, then directed them into fraudulent cryptocurrency investment schemes and sham trading platforms that siphoned funds into criminal accounts. Reported alleged losses exceed $73 million, reflecting tens of thousands of affected transactions and victims across multiple countries. Sentencing at the statutory maximum underscores prosecutors' view of the scheme's scale, sophistication and harm. The case involved coordination with foreign law enforcement to trace funds, identify accounts, and dismantle operational infrastructure. Authorities noted the scheme's use of social engineering to bypass typical investor skepticism and the reliance on crypto rails to move and obscure proceeds. The conviction and sentence are cited as part of an intensified global effort to combat romance-based fraud and the financial networks that enable large-scale crypto confidence schemes.