California Resident Charged for Laundering $5 Million in Drug Proceeds With Bitcoin

U.S. officers charged a person in California on Friday for illegal importation of medication and conspiracy to commit cash laundering. He allegedly bought these counterfeit medication for Bitcoin. 

  • As detailed in a press release by the Division of Justice, 27-year-old John Khuu was dropped at Federal courtroom for his fees on Thursday. 
  • He allegedly serviced prospects throughout the US with managed substances on darkish internet markets, together with counterfeit pharmaceutical capsules.
  • Khuu and his co-conspirators would sometimes have his prospects pay in Bitcoin, if not one other cryptocurrency. That Bitcoin would then be traded for {dollars}, which have been then laundered by means of “hundreds of transactions and dozens of financial accounts.”
  • Among the establishments inside Khuu’s laundering community have been Financial institution of America, JP Morgan Chase, Citibank, and Wells Fargo. Indictments stated he had a number of faux accounts at these banks.
  • The endeavor amassed the perpetrators over $5,350,000 in complete.
  • “If convicted, Khuu faces up to 20 years in federal prison on each charge,” continued the assertion.
  • Bitcoin critics – together with former Federal Reserve Chairman Ben Bernanke – generally deride Bitcoin’s main use case as being for cash laundering. Certainly, one among Bitcoin’s earliest areas of use was as a transactional forex for the digital black market “Silk Road” again in 2013.
  • Nevertheless, Bitcoin lacks privateness attributable to its absolutely clear public ledger. As such, though it’s technically nameless, blockchain intelligence consultants can successfully observe the motion of illicit funds on-chain. This might help them establish who’s transferring them in order that they will finally punish the perpetrator.
  • For instance, Chainalysis helped authorities seize $30 million stolen within the $600 million DeFi hack in opposition to Axie Infinity in March. 
  • Khuu was arrested on each fees on August nineteenth at a residence in Backyard Grove, CA. 


See Also
Bitcoin: Worrying indicators throughout the board as BTC fails to carry on to $40k

Disclaimer :- Investing in bitcoin and different preliminary coin choices (ICOs) is extremely dangerous and speculative. Because every particular person’s scenario is exclusive, a certified skilled ought to at all times be consulted earlier than making any monetary choices. The Crypto Kingdom makes no representations or warranties as to the accuracy or timeliness of the knowledge contained herein.

All Images And Videos Are Copyright To Their Respected Owners.

BTC/USD
$ 16,543.43
ETH/USD
$ 1,218.02
USDT/USD
$ 1.00
USDC/USD
$ 1.00
XRP/USD
$ 0.402233
ADA/USD
$ 0.316312
SOL/USD
$ 14.29
AVAX/USD
$ 12.90
LUNC/USD
$ 0.000161
DOT/USD
$ 5.37
DOGE/USD
$ 0.089764
BUSD/USD
$ 1.00
SHIB/USD
$ 0.000009
USTC/USD
$ 0.02136
CRO/USD
$ 0.064853
MATIC/USD
$ 0.854045
WBTC/USD
$ 16,468.22
DAI/USD
$ 0.999936
LTC/USD
$ 77.61
ATOM/USD
$ 10.26
LINK/USD
$ 7.22
TRX/USD
$ 0.053236
NEAR/USD
$ 1.63
BCH/USD
$ 113.22
ALGO/USD
$ 0.244678
LEO/USD
$ 4.16
STETH/USD
$ 1,195.72
XLM/USD
$ 0.089708
OKB/USD
$ 21.09
FTM/USD
$ 0.189367
UNI/USD
$ 5.56
HBAR/USD
$ 0.049903
MANA/USD
$ 0.407588
ICP/USD
$ 3.99
AXS/USD
$ 6.69
SAND/USD
$ 0.577512
ETC/USD
$ 20.13
EGLD/USD
$ 44.17
VET/USD
$ 0.019043
KLAY/USD
$ 0.184205
FIL/USD
$ 4.49
THETA/USD
$ 0.927642
OMI/USD
$ 0.000874
XTZ/USD
$ 0.995374
CDAI/USD
$ 0.02213
XMR/USD
$ 138.08
CETH/USD
$ 24.48
MIM/USD
$ 0.999923
FRAX/USD
$ 1.00
OSMO/USD
$ 1.04
CUSDC/USD
$ 0.02273
GRT/USD
$ 0.064699
HNT/USD
$ 2.49
MIOTA/USD
$ 0.217329
EOS/USD
$ 0.938875
GALA/USD
$ 0.025646
CAKE/USD
$ 4.05
FLOW/USD
$ 1.14
AAVE/USD
$ 62.90
ONE/USD
$ 0.014257
TFUEL/USD
$ 0.048919
BTT/USD
$ 0.00000068499753
NEO/USD
$ 6.99

Crypto Kingdom

ABOUT US

The Crypto Kingdom was educated and informed about the cryptocurrency, and blockchain offers. We strive our greatest to supply breaking information, all while providing our distinctive angle on what we imagine is necessary. Contact Us: [email protected]

Disclaimer :- Investing in bitcoin and different preliminary coin choices (ICOs) is extremely dangerous and speculative. Because every particular person’s scenario is exclusive, a certified skill should be consulted at all times before making any monetary choices. The Crypto Kingdom makes no representations or warranties regarding the accuracy or timeliness of the knowledge contained herein.

©  2022 | Crypto Kingdom | Inc. All Right Reserved.