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$2.7 million money laundering scam involving bitcoin caught in US

Thomas Spieker and his associates have been found guilty of using bitcoin to aid in a number of illegal activities, including dark web drug deals. Spieker offered services in a Facebook post to individuals who wanted to hide their identities.

The number of scams involving cryptocurrencies is constantly increasing. One such case of cash-to-bitcoin money laundering scheme has been caught in the US. The accused is a New York-based man who had promoted the scheme on social media and told his clients that he could help them to transact covertly. In this case, $2.7 million in bitcoin has been fraudulent. The accused is a former investment banker of Goldman Sachs.

According to a Bloomberg report , Thomas Spieker and his associates have been found guilty of using bitcoin to aid in a number of illegal activities, including dark web drug deals, in this case. Spieker offered services in a Facebook post to individuals who wanted to hide their identities. These persons were involved in illegal activities. Manhattan District Attorney It is alleged that Spieker, with the help of his associates, converted approximately $2.7 million worth of bitcoins into dollars. For this, many bank and crypto exchange accounts were opened.

“This type of money laundering helps drug smugglers and scammers hide their criminal activities and remit their money abroad,” the Manhattan District Attorney’s office said. can be a major reason for the spread of criminal activities in Several of Spieker’s clients will face charges of running an illegal drugs marketplace on the dark web and identity theft.

Recently, he was arrested in the US for money laundering and fraud with his NFT series called ‘Frosties’. These people had caused a loss of around $11 million to the buyers before leaving their NFT project. Such cases are called ‘Rig Pull Scams’, in which NFT projects or cryptocurrencies from creators quickly disappear after being sold. The US Justice Department (DoJ) has been looking for NFT series creators Ethan Nguyen and Andre Llacuna since a complaint was filed earlier this year. Both of them were arrested on 24 March.

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