United

Bitcoin

Million

April

Tornado

<p>The post <a href="https://coinpedia.org/news/bitcoin-fog-founder-found-guilty-in-400-million-high-profile-crypto-laundering-case/">Bitcoin Fog Founder Found Guilty in $400 Million Crypto Laundering Scheme</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a significant legal development, <a href="https://www.justice.gov/usao-dc/pr/jury-finds-russian-swedish-operator-bitcoin-fog-guilty-running-darknet-cryptocurrency">Roman Sterlingov</a>, the founder of Bitcoin Fog, a well-known crypto-mixing service, was found guilty of money laundering by the United States District Court on Tuesday, March 12th.</p> 
<p>Roman Sterlingov faced multiple charges, including money laundering, conspiracy laundering, operating an unlicensed money-transmitting business, and violations of the D.C. Money Transmitters Act. Despite his defense’s claims that he merely used Bitcoin Fog’s services and intends to appeal, the jury deemed him complicit in the operation of the illicit platform.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Guilty verdict in U.S v. Sterlingov. Now we appeal.</p>— Tor Ekeland (@TorEkelandPLLC) <a href="https://twitter.com/TorEkelandPLLC/status/1767586997219021037?ref_src=twsrc%5Etfw">March 12, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-bitcoin-fog-s-dark-legacy"><strong>Bitcoin Fog’s Dark Legacy</strong></h2> 
<p>During the trial, it emerged that Bitcoin Fog operated for nearly a decade, from October 2011 to April 2021. The service facilitated over 1.2 million <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin</a> transactions, amounting to a staggering $400 million at the time, allowing criminals to obscure their illicit gains from law enforcement.</p> 
<p>The majority of these transactions were linked to darknet marketplaces associated with a spectrum of criminal activities, including narcotics, cyber fraud, identity theft, and the distribution of child sexual abuse materials, underscoring the nefarious nature of Bitcoin Fog’s clientele.</p> 
<h2 class="wp-block-heading" id="h-will-justice-prevail">Will Justice Prevail?</h2> 
<p>The jury’s verdict mandates the forfeiture of Bitcoin Fog’s assets, including 1,354 BTC held in a Bitcoin Fog wallet and approximately $350,000 worth of cryptocurrency in a Kraken account, effectively dismantling Sterlingov’s criminal empire.</p> 
<p>With each charge carrying hefty penalties, Sterlingov faces a maximum sentence of 20 years for money laundering conspiracy and money laundering, with the remaining charges carrying a maximum of 5 years each. His sentencing is scheduled for July 15th.</p> 
<p><strong>Implications for Crypto Mixers</strong></p> 
<p>Sterlingov’s conviction serves as a stark warning to the operators of crypto mixer platforms. The upcoming trial of Roman Storm, co-founder of Tornado Cash, slated for September, further underscores the legal jeopardy faced by those involved in facilitating illicit activities through cryptocurrency.</p> 
<h2 class="wp-block-heading" id="h-fighting-crypto-crime">Fighting Crypto Crime </h2> 
<p>Sterlingov’s guilty verdict marks a significant triumph for law enforcement agencies combating illegal activities in the crypto realm. The U.S. Criminal Division remains steadfast in its commitment to unveil and prosecute those leveraging technology to conceal their crimes, irrespective of the sophistication of their methods.</p> 
<p>With Sterlingov’s conviction, the murky world of cryptocurrency laundering faces increased scrutiny, sending a clear message that justice will prevail.</p>

Bitcoin Fog Founder Found Guilty in $400 Million Crypto Laundering Scheme

Table of Contents

CoinPedia News

Other articles published on Mar 13, 2024

Bitcoin price entering ‘euphoria’ zone amid wealth rotation from ‘HODLers to new investors’ — Data

Expert Michaël van de Poppe Provides Strategic Insights for Crypto Investment

Solana’s Ascent and Its Challenge to Ethereum’s Dominance

Injective (INJ) Investors are Rushing to Buy Algotech (ALGT)

SHIB Price Prediction: Will the Shiba Inu price 500x in the Next 7 Days?

Bitcoin Supercycle? | $BTC Hits $73,000

Join our free newsletter for daily crypto updates!