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Daren Li, a dual citizen of China and St. Kitts and Nevis, has pleaded guilty to laundering over $73 million in proceeds from cryptocurrency scams. A federal jury in Boston found Li guilty of facilitating the transfer of funds from victims of fraud to romance scammers by converting more than $1 million in cash to bitcoin through his unlicensed money transfer business. Li faces a potential sentence of up to 20 years in prison for his role in this conspiracy to commit money laundering, which involved the use of shell companies and encrypted channels to obscure the illicit transactions. The case highlights ongoing concerns regarding cryptocurrency-related fraud and the complexities of tracking illicit financial activities in the digital currency space.
Ilya getting 5 years for hacking >$1B in Bitcoin is fair But why is Razzlekhan due for only 18 months? She should get 20 years for that rap video alone! https://t.co/B8zeyDADnd
Zhang Hongli, former vice president of the Industrial and Commercial Bank of China (ICBC), stood trial for accepting bribes worth over 177 million yuan (about $24.6 million) on Thursday, at a court in Hangzhou, Zhejiang Province. Zhang pleaded guilty and a verdict will be… https://t.co/UMV3dToq9J
$73M Crypto Wash Exposed: Li’s Scam Hits a Wall Another day, another scammer busted - Daren Li’s $73M laundering scheme just crumbled. Moving cash through shell companies and converting it to USDT, Li thought encrypted channels and fake accounts would keep him safe. Turns out,… https://t.co/yIbo8f6PaM
