A brand new one has been added to the cryptocurrency instances within the USA.
At this level, the US Division of Justice alleged that Invoice Guan, CFO of the New York-based media publication Epoch Instances, dedicated $67 million in cash laundering utilizing cryptocurrencies.
The DOJ alleged within the lawsuit that Guan led a crew known as “Make Cash On-line (MMO)” that was accused of buying proceeds of crime with cryptocurrencies to profit the media firm.
Allegedly, the funds have been then transferred to financial institution accounts related to Epoch Instances by MMO members and different individuals who opened varied accounts utilizing the stolen private data.
These operations continued from 2020 till April 2024.
Damian Williams, US Legal professional for the Southern District of New York, acknowledged in his assertion that Invoice Guan was arrested and stated:
“Allegedly, Invoice Guan, Chief Monetary Officer of a world newspaper and media firm, conspired with others to profit himself, his media firm, and its associates by laundering tens of thousands and thousands of {dollars} in fraudulently obtained unemployment insurance coverage advantages and different prison proceeds,
“Right this moment’s fees mirror the U.S. Division of Labor’s Workplace of Inspector Normal’s ongoing dedication to vigorously implement the regulation in opposition to those that facilitate fraud by cash laundering and to guard the integrity of the U.S. monetary system.”
Concerning Guan’s actions, Williams stated: “Underneath Guan’s course, Crew MMO members and others have been concerned in extorting tens of thousands and thousands of {dollars} of prison proceeds, together with proceeds from fraudulently obtained unemployment insurance coverage advantages, loaded onto tens of hundreds of pay as you go debit playing cards.” The proceeds of the crime have been usually bought for cryptocurrency by scheme individuals, together with MMO Crew members and others working with them, utilizing a selected cryptocurrency platform, at discounted charges of roughly 70 to 80 cents on the greenback. ” stated.
*This isn’t funding recommendation.