The U.S. Division of Justice (DOJ) has indicted California-based John Khuu for allegedly laundering $5.4 million in proceeds from drug trafficking by utilizing Bitcoin.
In response to the expenses, Khuu offered counterfeit pharmaceutical medicine and managed substances on darkish net markets. He obtained BTC as cost from prospects for his or her purchases.
To transform the funds for fiat, Khuu and his accomplices created dozens of accounts with high U.S. banks together with Citibank, Financial institution of America, and JPMorgan Chase.
The accused allegedly laundered about $5.4 million price of BTC over the interval of his operation.
Khuu was arrested on Aug. 19, 2022, by the DOJ. He’s presently going through a two count-charge for conspiracy in cash laundering and illegal importation of managed substances. If confirmed responsible, he might danger spending as much as 40 years in imprisonment.
The put up US DOJ expenses man for utilizing BTC to launder $5.4M in drug trafficking cash appeared first on CryptoSlate.
