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Roman Sterlingov, the operator of the $400 million Bitcoin Fog crypto mixer, was convicted of cash laundering and different associated expenses in the USA yesterday (Tuesday). The decision got here after a four-week-long trial.
The 35-year-old is a citizen of Russia and Sweden and has now been convicted of a number of expenses, together with conspiracy to launder cash, partaking in sting operations to cash laundering, operating an unlicensed cash transmitting enterprise, and violations of the D.C. Cash Transmitters Act.
In keeping with the US Justice Division, Bitcoin Fog was one of many “longest-running and most prolific Bitcoin cash laundering companies on the darknet.” The platform was operated by Sterlingov from October 2011 to April 2021 and provided companies to “criminals searching for to cover their illicit proceeds from legislation enforcement.”
The platform moved greater than 1.2 million Bitcoin, valued at about $400 million on the time of the transactions. These cryptocurrencies principally got here from darknet marketplaces and have been tied to unlawful narcotics, pc fraud, and abuse actions, and id theft. The platform additional served “purveyors of kid sexual abuse materials.”
The jury additional granted forfeiture of seized belongings belonging to Bitcoin Fog, together with over 1,354 Bitcoin held within the platform’s pockets, $349,625 in money, and different cryptocurrencies seized from the accounts on Kraken.
The Sentencing Is Due
Sterlingov is now a most jail sentence of fifty years for all of the conviction counts mixed. His sentencing has been scheduled for July 15, 2024.
“Roman Sterlingov thought he may use the shadows of the web to launder a whole bunch of hundreds of thousands of {dollars} in Bitcoin with out getting caught. However he was fallacious,” stated Deputy Lawyer Common Monaco.
Jim Lee, the IRS Legal Investigation Chief, said: “Proof introduced at trial clearly confirmed that the defendant laundered a whole bunch of hundreds of thousands of illicit funds from the darkish internet by means of Bitcoin Fog in an try to hide the origin of these funds.”
In the meantime, the lawyer representing Sterlingov, Tor Ekeland, tweeted about their choice to enchantment in opposition to the jury verdict.
Responsible verdict in U.S v. Sterlingov. Now we enchantment.
— Tor Ekeland (@TorEkelandPLLC) March 12, 2024
The conviction of Sterlingov cements the US authorities’ stance to go in opposition to the Bitcoin mixing companies. Earlier, US prosecutors charged Roman Semenov and Roman Storm, the founders of Twister Money, one other crypto-mixing service. The duo have been blamed for laundering about $1 billion in soiled cash, and the trial is scheduled for later this yr.
Roman Sterlingov, the operator of the $400 million Bitcoin Fog crypto mixer, was convicted of cash laundering and different associated expenses in the USA yesterday (Tuesday). The decision got here after a four-week-long trial.
The 35-year-old is a citizen of Russia and Sweden and has now been convicted of a number of expenses, together with conspiracy to launder cash, partaking in sting operations to cash laundering, operating an unlicensed cash transmitting enterprise, and violations of the D.C. Cash Transmitters Act.
In keeping with the US Justice Division, Bitcoin Fog was one of many “longest-running and most prolific Bitcoin cash laundering companies on the darknet.” The platform was operated by Sterlingov from October 2011 to April 2021 and provided companies to “criminals searching for to cover their illicit proceeds from legislation enforcement.”
The platform moved greater than 1.2 million Bitcoin, valued at about $400 million on the time of the transactions. These cryptocurrencies principally got here from darknet marketplaces and have been tied to unlawful narcotics, pc fraud, and abuse actions, and id theft. The platform additional served “purveyors of kid sexual abuse materials.”
The jury additional granted forfeiture of seized belongings belonging to Bitcoin Fog, together with over 1,354 Bitcoin held within the platform’s pockets, $349,625 in money, and different cryptocurrencies seized from the accounts on Kraken.
The Sentencing Is Due
Sterlingov is now a most jail sentence of fifty years for all of the conviction counts mixed. His sentencing has been scheduled for July 15, 2024.
“Roman Sterlingov thought he may use the shadows of the web to launder a whole bunch of hundreds of thousands of {dollars} in Bitcoin with out getting caught. However he was fallacious,” stated Deputy Lawyer Common Monaco.
Jim Lee, the IRS Legal Investigation Chief, said: “Proof introduced at trial clearly confirmed that the defendant laundered a whole bunch of hundreds of thousands of illicit funds from the darkish internet by means of Bitcoin Fog in an try to hide the origin of these funds.”
In the meantime, the lawyer representing Sterlingov, Tor Ekeland, tweeted about their choice to enchantment in opposition to the jury verdict.
Responsible verdict in U.S v. Sterlingov. Now we enchantment.
— Tor Ekeland (@TorEkelandPLLC) March 12, 2024
The conviction of Sterlingov cements the US authorities’ stance to go in opposition to the Bitcoin mixing companies. Earlier, US prosecutors charged Roman Semenov and Roman Storm, the founders of Twister Money, one other crypto-mixing service. The duo have been blamed for laundering about $1 billion in soiled cash, and the trial is scheduled for later this yr.
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