Fake Fiat Currency Scandal Worth €2 Million Swapped For Bitcoin Value of $2.3 Million

A gang star transacted €2 Million fake fiat currency for $2.3 Million worth of Bitcoin (BTC) with a South Korean cryptocurrency trader. The transaction took place in July at a five-star hotel in France. The South Korean businessman has a cryptocurrency company based in Singapore.

Fake Fiat Currency Swapped For $2.3 Million Worth Of Bitcoins

A peer-to-peer cryptocurrency transaction between a Serbian gang star and a South Korean cryptocurrency millionaire led to swapping fake fiat currency worth of €2 Million for a $2.3 Million worth of Bitcoin cryptocurrencies. The transaction that took place in a five-star hotel started with negotiations of the gang star wanting to invest in the South Korean business man's crypto firm based in Singapore.

The gang star as related through the police investigation belongs to a group of criminals. The gang star, Gerard Boudoux approached the businessman on the possibility of investing in his cryptocurrency firm based in Singapore; their talk later degenerate into an exchange of cryptocurrency for fiat currency.

The South Korean businessman did not realize he had been duped until the gang star had left. After discovering, he alerted the authorities instantly, and the gang star was tracked down in a hotel, with a luxury car and a wristwatch worth 100,000 euros.

After his arrest, further investigation reveals that he belongs to a network of gang group, and his accomplice in the crime is still yet to be arrested. The transaction shows the inherent disadvantage of peer-to-peer cryptocurrency transactions as it mostly resorts to this kind of situations in regions where cryptocurrency are banned, or an attempt to evade tax is sought.

Despite The Level Of Crime, Why Digital Currency Is The Future

The cashless economy has spread to every nuke and cranny of the globe, except for some regions where development is still behind, such as some third world countries.

Digital currency has made cashless economy interesting because everything needs to be done digitally. Cryptocurrency itself deals with the promotion of the cashless economy; there will be fewer reports of this magnitude of financial crimes. Though there are still menaces of hacks facing the immerging technology, a cashless economy through cryptocurrency remains the future.

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