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Crypto-Related Fraudulent Organizations Were Punished by the US

6 November 2020, 15:26
Votes: 2

More than one billion dollars was seized by the US government as the result of Anti-Money Laundering operations. The "Silk Road" and "Operation Egypto" were proved as a scam with the further compulsory withdrawal of assets from organizations' accounts. Login Casino continues following the latest cryptocurrency news, reporting about two astonishing criminal cases related to cheating with Bitcoin.

Crypto-Related Fraudulent Organizations Were Punished by the US

69,000 bitcoins were confiscated from Silk Road

According to David Anderson, the US Attorney, Silk Road is one of the biggest criminal marketplaces that works online. Its owner, Ross Ulbricht, is already condemned to two life sentences and is serving in the federal prison. He was caught in 2015, but the issue of 1 billion dollars he gained from the fraudulent activity was open until now.

His supporters were probably waiting for the appropriate time for withdrawing 69,000 bitcoins from Ulbricht's wallet, and the US elections and Bitcoin rise to $15 000 seemed to be a perfect time for the transaction. The Internal Revenue Service noticed the suspicious activity of the wallet and seized more than 1 billion dollars.

$200M stollen and thousands of misguided investors via Operation Egypto

Another notable seizing procedure was accomplished with Brazilian colleagues. The snide organization has taken more than $200 million from tens of thousands of investors from Brazil, promising a 15% return in the only first month. The swindlers offered investments in the cryptocurrency while were using the money for personal needs.

In collaboration with the Brazilian government, the US side sized about $24 million in cryptocurrencies from rascals' accounts. The countries were acting under the treaty of 'Mutual Legal Assistance in Criminal Matters,' regulating and facilitating cooperation for such cases. The Brazilian side also reported about the confiscations of real estate, jewelry, and luxury cars, as well as indicated five firms and 14 persons related to the regarded fraud.

Read moreWhat, how, and when: all the primary questions to understand and define Bitcoin

Read moreHow accurate was Bitcoin price prediction at the beginning of 2020?

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