Recent developments have seen the founding father of “Bitcoin Fog,” a cryptocurrency-mixing service, was found guilty by a federal jury in Washington of helping to launder tens of millions of dollars from darknet markets The drug trade is notoriously bad.
The Multi-Million Dollar Crypto money Laundering Case
Bloomberg reportRoman Sterlingov (35-year-old Russian Swiss national) was found guilty by a jury of multiple charges, including conspiracy to launder money, money laundering and failure to register a service for money transmission. Bitcoin Fog, according to the prosecution, facilitated more than $400 million worth of untraceable transaction. Some funds were sourced from illegal markets.
It is a significant victory in the fight against cyber criminals. The decision also reveals the involvement of Chainalysis – a Wall Street-backed organization used by both the Justice Department (justice) and Treasury Departments to identify cryptocriminals. cryptocurrency flows In money laundering cases. During the trial, the defense expressed concerns regarding the credibility and reliability of Chainalysis.
The prosecutors used evidence to show how they traced the crypto flow from darknet market through Bitcoin Fog which Sterlingov was alleged to have operated. Other cryptocriminals were also called to testify, including Ilya Lichtenstein Larry Harmon testified that mixers were used to launder money.
Bitcoin Fog founder maintains innocence despite conviction
Sterlingov has denied that Bitcoin Fog is his company. He testified he worked as a consultant in the field of information technology, and he helped create domain names for clients while he was employed at a web and marketing firm.
Sterlingov further claimed that he could not recall having created the Bitcoin Fog name domain or taking part in certain actions. transactions Referenced by the Government
Tor Ekeland of the Defense Attorney’s Office also stated that there were no tangible evidence connecting Sterlingov and Bitcoin Fog. She emphasized an absence of eyewitnesses or server logs.
Ekeland was also skeptical about the use of a complex, secretive method to fund Bitcoin Fog if the first transaction had originated from a Sterlingov-registered account. Sterlingov faces up to a 20-year prison sentence for the most severe charges.
Bitcoin, which is the biggest cryptocurrency on the market today, has experienced a slight 2% decrease as of the most recent update. correctionBriefly, the cryptocurrency fell below $70,000 and briefly fell under $68,500. The cryptocurrency quickly rebounded, and currently trades at $71,400.
Bitcoin, despite this temporary correction has shown notable gains in the range of 11% to 25% and up to 48% respectively over the course of seven days, fourteen days and thirty. BTC reached its all-time (ATH) high on Monday, $73,000.
Chart from TradingView.com, image from Shutterstock
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