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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,274FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi Growth & Stablecoin Surge Most Bullish Crypto Development: DCG State of Crypto 2020 Survey

39% of the respondents that involve 150 portfolio companies see DeFi as the most bullish crypto development of 2020, as per the DCG Founders...

Non-Custodial Bitcoin Exchange, Hodl Hodl, Launches Lending Service Without KYC

Hodl Hodl, a non-custodial Bitcoin exchange, is launching a KYC-free lending product for its customers. The exchange claims that its lending product would be...

Total Value Locked in Harvest Finance Surpasses $1 Billion, Up 366,200% Since September

Decentralized platform Harvest Finance that provides users a way to farm assets for the highest yields now has more than a billion dollars in...

Strong Institutional Demand for Bitcoin, CME Becomes Second Largest BTC Futures Market

Bitcoin's price made a big shift this week as the bulls gained control of the market and pushed it past $13,000. A similar shift has...

PoolTogether's ‘No Loss' Gambling Platform Utilizes Chainlink’s VRF on Ethereum to Select Winners

Chainlink announces its verifiable random function on the Ethereum mainnet, bringing a host of benefits to the decentralized platform. PoolTogether, a gamified savings platform...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today