Feds Seize $34 Million In Bitcoin From Dark Web Seller – One Of The Biggest Seizures In US

2022-4-6 10:00

Miami, a city known for its opulent lifestyles and cryptocurrency-friendly laws and mayor, has seen one of the most aggressive crackdowns on cybercriminals using bitcoin.

Federal prosecutors confiscated roughly $34 million in cryptocurrency from a man in the southeastern part of Florida. The bitcoin fortune was amassed by a Parkland resident suspected of exploiting the dark web to sell Netflix, HBO, and Uber account information, among other popular services.

The crypto holdings in question were initially valued at $47 million, but because of the drop in the price of the world’s most sought-after cryptocurrency during the last six months, its current value is at $34 million.

Record Bitcoin Confiscation

According to a news release from the US Department of Justice, the seizure was one of the largest ever brought by the US involving cryptocurrencies.

The DOJ did not identify the “South Florida citizen” involved in the criminal transactions, and the news statement did not indicate if the agency is pursuing an indictment.

Suggested Reading | The Blockchain Is The Future Of Hollywood, Departing WarnerMedia CEO Says

Between 2015 and 2017, the individual allegedly perpetrated more than 100,000 fraudulent online transactions.

According to court records, there was a dearth of proof regarding the person’s misdeeds.

As a result, the Miami feds began to track the Parkland resident’s cryptocurrency holdings, whose residence was searched but no conclusive proof was discovered.

Prosecutors stated:

“Dark web, or darknet, marketplaces are purpose-built to encourage unlawful business by ensuring the anonymity of the website’s administrators, as well as the buyers and sellers who transact on the site.”

BTC total market cap at $865.41 billion on the daily chart | Source: TradingView.com

Additionally, the release detailed how the suspect gained access to the dark web in order to obtain the criminal information and recompense in the form of crypto.

To begin, the suspect accessed the dark net via a globally distributed network of computers that masks users’ IP addresses, dubbed The Onion Router Network, or TOR.

Suggested Reading | South Korean Tech Giant Kakao Acquires Majority Stake In A Japanese Crypto Exchange

On Tumblers And Chain Hopping

Further examination of the suspect’s data revealed that he then used so-called “tumblers” to launder cryptocurrency through a practice called “chain hopping.”

In essence, tumblers are similar to blenders. Individuals enter the coin they wish to conceal, which is cut up into pieces and mixed with a number of other, clean coins before being spewed out to random addresses.

According to court records, the suspect did not contest the US government’s seizure of his cryptocurrency.

The Federal Bureau of Investigation shut down Silk Road, a dark net marketplace that had produced over $1 billion in illegal transactions in 2013, making dark web marketplaces and the role of cryptocurrencies in their economic activities well-known.

Silk Road’s founder was convicted to life in jail in 2015 in a case that garnered widespread attention and was detailed in a 2017 documentary.

Featured image from Investopedia, chart from TradingView.com

 

Bitcoinist @ Bitcoin 2022 Miami

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Miner One token (MIO) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MIO

one million bitcoin cybercriminals using aggressive federal

one million → Результатов: 126


Фото:

New Mining Manufacturer Linzhi Announces Ethereum ASIC Miner

Chen Min, the former chief chip maker at Bitcoin mining chip developer Canaan Creative, is turning her attention to Ethereum. Announcing her venture at the Ethereum Classic Summit in Seoul, South Korea, Chen’s new company, Linzhi, will focus on building cryptocurrency mining devices, and its first official products are a series of application-specific integrated circuit (ASIC) miners designed specifically for Ethereum and Ethereum Classic.

2018-9-15 01:22


Криптобиржа KuCoin вложила $3 млн в платформу Bitcoin Australia

Криптовалютная биржа KuCoin, базирующаяся в Сингапуре, вложилась в торговую платформу Bitcoin Australia и создала совместное предприятие для расширения на австралийском рынке. Сумма инвестиций составила $3 млн.

2018-9-11 09:41


Фото:

Stellar (XLM) Most Stable In The Markets with New Milestone of Over 1 Million Active Accounts

The crypto markets have once again declined in a matter of 2 hours that looked more or less like a split second. Observing the Bitcoin (BTC) charts, we find that the King of Crypto dropped from familiar levels of $7,380 to $7,200 in a brief 30 minute period only to continue dropping for another one […] The post Stellar (XLM) Most Stable In The Markets with New Milestone of Over 1 Million Active Accounts appeared first on Ethereum World News.

2018-9-5 18:07


Ecommerce platform gives Latin American entrepreneurs the digital tools needed to export their products

Just like Proust had his madeleines and Salman Rushdie had his pickles, the association of identity, memory, and a different time can be related back to the foods that one ate as a child. Which is how Colombian national Nestor Taveras, who had a digital development agency with his brother, decided to open up Brands of Americas.

2018-9-2 17:00


Crypto gamers stash over one million tokens in innovative staking challenge

The Gifto token community deposited 1.6 million tokens in an industry-first staking program in the hit blockchain game Giftomon, with the first million pledged in 24 hours after the announcement. Guardians of Giftomon is a new, gamified staking model where users are rewarded for storing tokens in their wallet to unlock unique and powerful in-game […]

2018-9-2 00:10


Фото:

Bitmain Lost $328 Million Buying Bitcoin Cash, According to BitMex Research

Bitmain made a bad bet on Bitcoin Cash but could still become “one of the great companies” in the cryptocurrency world, researchers from BitMEX reveal. ‘Bitmain Can Be A Legendary Crypto Company’ As part of an in-depth look into the mining giant ahead of its controversial planned initial public offering (IPO), BitMEX considered the potential for the company to recapture its former success while leveling thinly-veiled criticism at its management.

2018-8-30 22:00