Bitcoin Money Launderer Gets Prison Sentence After Dealing with Ill-Gotten Cryptocurrency Gains

One of the biggest concerns for crypto opponents is the way that money laundering is proving to be a use case for cryptocurrency.

However, the silver lining of this problem is that the blockchain allows investigators to follow along with certain transactions with enough skill. While one Danish man thought he could get away with laundering $450,000 with Bitcoin, the authorities have proven him wrong.

After a recent arrest, the money launderer will be spending 51 months in jail for his transgressions, according to reports from The Next Web. The criminal ultimately close to plead guilty to the laundering of 3 million Danish kroner, which he acquired through other unsavory activities. The funds he gathered were converted into Bitcoin, and he then submitted the funds to his other accomplices.

Reportedly, the police managed to find the criminal when they were investigating a case involving card abuse. The criminal’s bank account was linked to an unrelated blackmail and extortion scam. The commissioner of the police say that the local authorities have already been prepared to handle the crypto industry’s illegal activities.

Some regulators have found it concerning that cryptocurrencies can be used in a criminal capacity, since they believe the criminals have a certain level of anonymity as a result.

There have been many reports that say that cryptocurrency is not necessarily a helpful or worthwhile alternative to criminals, but that has not stopped the industry from being discussed in Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) measures.