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Seizures of $ 2.3 million destined for money laundering and transfer of cash to Bitcoin in New York

 

A New York man has been accused of running a scheme to launder money from cash to bitcoin in New York.

Among other things, the case shows the negative bias of law enforcement towards cryptocurrencies.

Bitcoin money laundering:

According to a recent Bloomberg report, a 42-year-old man named “Thomas Speicher” has been indicted for allegedly managing a Bitcoin money-laundering operation in New York.


According to what was published in the report, the man publicly boasted on social media of his actions, and also publicly convinces his clients that they can stay off the radar.


Spyker was also caught searching on Google for different ways to launder money through Bitcoin.


Spyker clients have also been accused of a range of crimes, including operating an illegal drug market on the dark web.


In a statement, Alvin Bragg told the Manhattan District Attorney:

The case shows us how new technologies such as cryptocurrency can become key drivers of a wide range of criminal activities that can easily extend to all parts of the world.

Allegedly, this sprawling network of international money laundering has helped drug dealers, organized crime syndicates and fraudsters conceal their criminal activity and move their proceeds around the world.

 Going back a little bit:

While it is an undeniable fact that Bitcoin, among other cryptocurrencies, can be used for illegal activities, the above statement by Bragg seems to be far from the truth.


First of all, the entire operation was reported to be worth $2.3 million, which although it is a significant amount of money for an ordinary person, does not portend a huge amount in the world of crime.


Speaking of money laundering, let's take a step back too and maybe see how financial institutions have repeatedly proven to be hosting money for convicted criminals, drug lords, murderers, etc.


In February of this year, some documents showed that Credit Suisse manages thousands of accounts belonging to alleged criminals.


Of course, this has not yet been proven, but the fact that there is an ongoing investigation should raise the necessary alarm.


But it is certain that this sprawling network of international money laundering has helped drug smugglers, organized crime syndicates and fraudsters conceal their criminal activity.

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