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California Man Indicted in Cryptocurrency Money Laundering Conspiracywww.justice.gov/usao-edtx/pr/california-man-indicted-cryptocurrency-money-laundering-conspiracy
117 sats \ 3 comments \ @DigitalCurrLA 8 Oct 2022 bitcoin
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25 sats \ 1 reply \ @2big2fail 8 Oct 2022
tldr?
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0 sats \ 0 replies \ @DigitalCurrLA OP 9 Oct 2022
From the press release:
The defendant allegedly distributed counterfeit pharmaceutical pills and other controlled substances on dark web markets to customers across the United States. Customers paid for their purchases by transferring cryptocurrency, usually Bitcoin, from their dark web market customer accounts to one of Khuu’s vendor accounts. Khuu and his co-conspirators traded the Bitcoin for U.S. currency and laundered the proceeds through hundreds of transactions and dozens of financial accounts.
During the course of the conspiracy, Khuu and his co-conspirators allegedly laundered more than $5,350,000.00.
Also, see my other comment with the CoinDesk article.
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0 sats \ 0 replies \ @DigitalCurrLA OP 9 Oct 2022
CoinDesk has an article on this:
Khuu also allegedly used a network of financial institutions to launder the funds, including Bank of America, Citibank, JPMorgan Chase and Wells Fargo. The indictment alleged he created a number of fake accounts at these banks.
The indictment went on to describe several transactions Khuu allegedly conducted as part of his efforts to convert bitcoin into cash. All told, he allegedly conducted just under 500 transactions tied to the sale of about 620 BTC.
US Officials Charge California Resident With Using Bitcoin to Launder $5.3M in Drug Proceeds https://www.coindesk.com/policy/2022/10/07/us-officials-charge-california-resident-with-using-bitcoin-to-launder-53m-in-drug-proceeds [Archive]
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