The cryptocurrency market has witnessed several instances of frauds and criminal activities in the past, with many either conducted on a cryptocurrency trail or involving digital assets in one way or another.
The latest example of a nefarious activity that involved cryptocurrencies came out of Manhattan after two individuals were indicted for running a steroid and controlled substance business using cryptocurrencies such as Bitcoin [BTC] and a fair share of Western Union transfers as modes of payments. The official release from the office of Manhattan’s District Attorney, Cyrus R. Vance Jr, stated,
“The defendants sold their products, which they manufactured, marketed, and shipped, on a website they controlled called “NextDayGear,” and on the dark web. The defendants sold injectable steroids and oral steroids, in addition to medications to counteract the effect of steroid use, including Xanax, Valium, and Viagra. Between 2013 and 2018, the defendants shipped more than 10,000 packages across the U.S., generating more than $2.8 million in revenue through cryptocurrency and Western Union payments, which they laundered and converted to cash.”
Both individuals were charged with ‘Money Laundering in the 2nd degree and criminal sale of a controlled substance in the 5th degree.’ The District Attorney further revealed that the jail time may be anywhere between 2.5 and 7.5 years, with the expected sentence date for both the parties set on July 12.
According to the courts, this was the first instance of a conviction in the realm of cryptocurrency money laundering in the state of New York. This was the second instance of new records being set in terms of cryptocurrency frauds as the same DA had previously indicted multiple individuals last week in the “largest pill seizure in the state of New Jersey.” In that case, the perpetrators were caught for running a counterfeit pill-selling business, worth over $2.3 million.
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