One of the favorite zig-zag political tactics used by both banks and politicians is to tie cryptocurrencies and narcotics together. Money laundering is usually the accusation of choice that politicians use to justify their anti-crypto policies.
Now to be fair, cryptocurrencies and narcotics do cross paths, but 99% of those events occur on the dark web.
Recently however, a Los Angeles resident pleaded guilty to running a multi-million dollar bitcoin laundering scheme which also sold methamphetamine.
According to the report, the 25 year-old Los Angeles resident pleaded guilty to several charges including money laundering and methamphetamine distribution. He is currently facing life behind bars.
Cryptocurrencies and narcotics turn out to be a powerful money-generating combo
Authorities report that the money laundering scheme lasted for more than 2 years. Between 2015 and 2017 alone, the suspect exchanged bitcoin and USD, ran his very own Bitcoin ATM and made countless deals with drug dealers and other criminals.
The suspect was apprehended after he sold two pounds of amphetamines to a law enforcement agent who was undercover. The 25 year-old criminal also seems to be facing money laundering charges in Texas which were filed nearly 2 months ago.
Earlier this month, a drug dealer who operated mainly on the dark web was forced to relinquish $4 million in assets including cryptocurrency. The dark web drug dealer pleaded guilty to charges of illegal tax avoidance and drug dealing.
The dark web however, isn’t only illegal bitcoin transactions. Earlier this year, it was revealed that only 1% of the total bitcoin transactions are actually illegal.
You can also check out:
- GK8: Israeli Startup Develops a System for Offline Crypto Transactions - Sep 19, 2019
- Old-Style Extortionists Try to Destroy a Crypto Startup - Sep 19, 2019
- MasterBlock: A Unique Time-Piece With an Amazing Secret - Sep 18, 2019
- United States Army Looking For Blockchain Experts - Sep 18, 2019
- Kraken Bug Allowed the Purchase of Bitcoin Below Market Price - Sep 17, 2019
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Tags:cryptocurrencies and narcoticsexchanging drugs and bitcoinmethamphetamines cryptomoney laundering crypto