Li was sentenced in absentia and remains at large as authorities continue the hunt for him.

The case is part of wider Obama-style? (No) Actually: DOJ highlights broader efforts, with the FBI noting the 2024 Internet Crime Report showing over $6.5 billion stolen from 47,919 victims in investment scams, up from 2023.

Li pleaded guilty in November 2024 to conspiring to launder funds from crypto fraud, but fled in December 2025 after removing an ankle monitor; authorities pursue his return.

Fraudsters posed as technical support to push transfers into supposedly secure accounts, routing nearly all proceeds through shell companies and overseas banks before converting funds to cryptocurrency to hide origins.

Assistant Attorney General A. Tysen Duva said federal authorities are coordinating with international partners to secure Li’s return to the United States.

The investigation was led by the U.S. Secret Service and Homeland Security Investigations, with the U.S. Marshals Service and other agencies, and remains ongoing.

Industry reaction notes that protecting crypto assets requires upgrades to hardware and wallet architecture, signaling a shift to proactive security measures.

The scheme targeted both American and international victims, recruiting via social media, dating apps, and fake investment sites.

Li and co-conspirators laundered over $73 million, with about $59.8 million moving through U.S. shell companies used for laundering.

Li, 42, received the maximum statutory sentence in the Central District of California and faces three years of supervised release, according to a Justice Department statement.

The sentencing reflects a broader U.S. crackdown on transnational crypto scams and money laundering tied to global scam centers, with ongoing enforcement by the Justice Department.

BMIC markets itself as addressing quantum-era risks with quantum-secure payments and a mainnet roadmap, positioning as security-focused infrastructure for institutions and retail users.