New York Man Pleads Guilty in Crypto-Fueled $25M Money Laundering Case

October 5, 2024 Bitcoin.com

New York Man Pleads Guilty in Crypto-Fueled M Money Laundering Case

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The U.S. Attorney’s Office and the FBI announced on Friday that Yanbing Chen, a 30-year-old from Brooklyn, N.Y., pleaded guilty to his involvement in an international money laundering and drug trafficking conspiracy. The organization, led by Jin Hua Zhang of Staten Island, laundered over $25 million in drug proceeds and illegal funds. Chen delivered $50,000 […]

Angel Investor: Multichain a Stopgap, Future Lies in Advanced Protocols

Telegram CEO Pavel Durov Arrested in France: TON Price Plummets

August 24, 2024 Bitcoin.com

Azerbaijan

Pavel Durov, founder and CEO of Telegram, has reportedly been arrested at Le Bourget airport in France under a search warrant issued by the French judicial police. The arrest follows accusations that Telegram facilitates crimes like drug trafficking and fraud due to its anonymity features. Durov faces serious charges, including terrorism and narcotics trafficking. Telegram […]

Angel Investor: Multichain a Stopgap, Future Lies in Advanced Protocols

Man Faces 20-Year Prison Sentence in Crypto Money Laundering Case

August 23, 2024 Bitcoin.com

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A Rhode Island resident has pleaded guilty to money laundering conspiracy linked to an international drug trafficking ring. The operation laundered over $25 million using cryptocurrency, with Villa directly involved in converting cash into crypto. Villa faces up to 20 years in prison and a significant fine. Rhode Island Man Pleads Guilty in $25 Million […]

Angel Investor: Multichain a Stopgap, Future Lies in Advanced Protocols

US Jury Convicts Two in $8M Crypto-Linked Dark Web Drug Scheme

May 29, 2024 Bitcoin.com

US Jury Convicts Two in M Crypto-Linked Dark Web Drug Scheme

Bitcoin

A federal jury in Salt Lake City convicted Oluwole Adegboruwa and Enrique Isong, foreign nationals, of multiple drug-related charges. From 2016 to 2019, they generated over $8 million in cryptocurrency, including bitcoin and ethereum. Adegboruwa operated under the names “King Odua” and “Alagbada726,” converting cryptocurrencies to traditional currency. Sentencing is scheduled for August. The jury […]

Angel Investor: Multichain a Stopgap, Future Lies in Advanced Protocols

DOJ Captures Alleged ‘Architect’ of Darknet Marketplace Incognito

May 21, 2024 Bitcoin.com

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According to the U.S. Department of Justice (DOJ), the operator of the darknet marketplace Incognito was apprehended at John F. Kennedy Airport on May 18. Law enforcement officials claim Rui-Siang Lin allegedly constructed the DNM and facilitated the sale of over $100 million worth of illegal drugs through the platform. Federal Authorities Nab Alleged Darknet […]

Angel Investor: Multichain a Stopgap, Future Lies in Advanced Protocols

Cartier Family Member Indicted for Using USDT to Launder Hundreds of Millions in Drug Trafficking Money

May 7, 2024 Bitcoin.com

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Maximilien De Hoop Cartier, a descendant of the family famous for their French luxury goods Cartier, has been indicted for his participation in a network that allegedly used several shell companies to launder drug trafficking money proceeds using USDT. Cartier and five Colombian individuals allegedly conspired to directly launder $14.5 million and used these shell […]

Angel Investor: Multichain a Stopgap, Future Lies in Advanced Protocols

Crypto is for criminals? JPMorgan has been fined $39B and has its own token

December 7, 2023 Coin Telegraph

Crypto is for criminals? JPMorgan has been fined B and has its own token

Banking Violations

Crypto proponents on X wasted no time pointing out the hypocrisy of JP Morgan CEO Jamie Dimon’s recent remarks to the United States Banking Committee about Bitcoin and crypto.

JPMorgan CEO Jamie Dimon is being hauled over the hot coals on crypto X (Twitter) after claiming Bitcoin (BTC) and cryptocurrency's “only true use case” is to facilitate crime.

“The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance,” Dimon said in a hearing before the United States Banking Committee on Dec. 5. "If I were the government, I'd close it down."

But crypto pundits quickly pointed out the seeming hypocrisy in Dimon’s statements, highlighting that JPMorgan is the second largest penalized bank, having paid $39.3 billion in fines across 272 violations since 2000, according to Good Jobs First’s violation tracker.

Drug Trafficking

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