Skip to main content

Sydney man jailed for crypto laundering

 

A Sydney man has been sentenced to 16 months in jail for using cryptocurrency and a series of stolen identities to launder money.

The 46-year-old set up cryptocurrency accounts in seven different names using stolen identity details, and deposited Bitcoin into each.

He used an ATM service of cryptocurrency provider BitRocket, which allows customers to withdraw Australian dollars from their Bitcoin accounts, to withdraw $43,350 in total across numerous transactions.

The man was arrested in June 2020 while withdrawing money at one of the ATMs, after the cryptocurrency company tipped off police to suspicious transactions.

Police had established the same man was taking cash from the seven different accounts, and found $6500 in cash and a small amount of methamphetamine when they searched his Sydney apartment.

The man pleaded guilty in February to seven counts of money laundering, one charge of identity theft and a drug offence.

He was sentenced on Wednesday by the Sydney Central Local Court.

He's been in custody for the last nine months and will be eligible for release on good behaviour after serving 12 months.

AFP detectives are still investigating the source of the Bitcoin, which they suspect was stolen from Western Australia in 2019, as well as the stolen identity details and whether the man was acting alone.

AFP Cybercrime Detective Acting Inspector Thomas Walker said cryptocurrency and stolen identities were new challenges for police.

"Criminals are continually trying to identify new opportunities to profit at the expense of other people, but we are focused on identifying and stopping anyone who tries to cheat the system and defraud others," he said.


PS. In our blog pages we got hidden links where you can earn cryptocurrency for free.


Source: 7news.com.au

Comments

Contact us

Name

Email *

Message *

Popular posts from this blog

Cryptocurrencies Adding to the Safety and Security in the UK Gambling Industry

These are exciting times for the UK gambling industry. The impact of internet technology is now being felt with online gambling now controlling the industry.  The adoption of cutting-edge technology is reasonable for the boom in the industry. From live casinos, mobile apps to artificial intelligence, incredible trends continue shaping the gambling industry. However, it is the rise of cryptocurrency casinos that seeks to redefine UK gambling.  Many operators now include crypto coins such as bitcoin, Ethereum and Litecoin as part of their banking methods. Others offer exclusive bitcoin payments and promotions based on digital tokens. This revolutionary trend has a huge impact due to enhanced safety and security on these platforms. Players looking for peace of mind when playing online now opt to use cryptocurrencies. This post looks at how cryptos guarantee the safety and security of players at online casinos. How Cryptocurrency Gambling Works There’s a lot of talk about cryptocurrency,

President Biden's Financial Team Will Clarify Bitcoin and Cryptocurrency Regulations

  The  cryptocurrency market  is looking for a firm regulatory framework.  Governments around the world are trying to figure out whether bitcoin is a currency, a tradable commodity, a security on par with stocks and options, or a brand new asset class of its own.  Once they figure that one out, they'll have to ask the same questions about Ethereum, Tether, Ripple, and Cardano , and the list of major cryptocurrencies only grows longer over time.  Settling the thorny issues of legality, taxation, and trading rules will take time, adding to the uncertainty and volatility of the global crypto market. President Biden is putting together a team of financial leaders that should clarify the tricky cryptocurrency market in a hurry.  Three of Biden's top-level financial staff picks have a proven understanding of how blockchain and cryptocurrency assets actually work. The view from the top Let's start with our next U.S. Treasury Secretary, Janet Yellen. In last week's written tes

The SafeMoon REVIEW

  The SafeMoon is deflationary and rewards the holders.  Every time a transaction has been made, a 10% fee is taken out from the seller, incentivizing people to hold instead of sell.  From that 10%, 5% is burned (causing deflation, the supply constantly shrinking) and the other 5% is split up and sent to all the holders wallets.  When you hold this coin, you will see your token quantity constantly growing.  The team is not anonymous and have been working non stop for this project, and constantly engages with the community in their Reddit  and Discord .  This token also has the highest amount of holders out of all the new deflationary tokens that have popped up recently. Enjoy!