A U.S. court sentenced a crypto scam organizer to 20 years in prison for his role in a $73 million global fraud and laundering scheme, even as he remains a fugitive after fleeing electronic monitoring.
Prosecutors said co-conspirators built trust with victims through unsolicited messages and online relationships, then funneled them to counterfeit crypto platforms or impersonated tech support agents to extract funds, in a technique called “pig butchering.”
The court also imposed a three-year term of supervised release, authorities said, after Li fled in December by cutting off an electronic monitoring device.
Ari Redbord, global head of policy and government affairs at TRM Labs, told Decrypt that scam centers like the one Li operated from in Cambodia "are now among the largest organized cybercrime industries in the world, rivaling or exceeding many forms of drug trafficking and ransomware in total revenue."
"What sets them apart is scale and consistency," Redbord said. "They generate continuous cash flow, target victims globally, and rely on repeatable social-engineering models rather than episodic attacks, and cryptocurrency accelerates this model by enabling rapid movement, layering, and consolidation of funds."
At least $73.6 million in victim money was deposited into accounts linked to the ring, including nearly $60 million routed through U.S. shell companies, before being converted into crypto.
The sentencing comes amid heightened international scrutiny of scam operations in Southeast Asia.
