YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
  • Live Prices
  • Crypto News
    • Altcoins
    • Bitcoin
  • Defi News
  • NFT News
  • Blockchain
  • Regulations
  • Trading
  • Scams
No Result
View All Result
YourCryptoNews
No Result
View All Result

US DOJ charges man for using BTC to launder $5.4M in drug trafficking money

October 7, 2022
in Altcoins
Reading Time: 2 mins read
A A
US DOJ charges man for using BTC to launder $5.4M in drug trafficking money
ShareShareShareShareShare

The U.S. Department of Justice (DOJ) has indicted  California-based John Khuu for allegedly laundering $5.4 million in proceeds from drug trafficking by using Bitcoin.

According to the charges, Khuu sold counterfeit pharmaceutical drugs and controlled substances on dark web markets. He received BTC as payment from customers for their purchases.

To convert the funds for fiat, Khuu and his accomplices created dozens of accounts with top U.S. banks including Citibank, Bank of America, and JPMorgan Chase.

The accused allegedly laundered about $5.4 million worth of BTC over the period of his operation.

Khuu was arrested on Aug. 19, 2022, by the DOJ. He is currently facing a two count-charge for conspiracy in money laundering and unlawful importation of controlled substances. If proven guilty, he could risk spending up to 40 years in imprisonment.

Crypto-related laundering on the decline

Instances, where crypto was used in the dark web market, have painted the industry in a  bad light before authorities. In 2020, the DOJ busted Ohio-based Larry Harmon for allegedly laundering over $300 million using Bitcoin. 

In recent times, the narrative is changing for good. A Chainanysis report showed that in 2021, only about 0.05% of all crypto transactions were linked to money laundering, compared to 5% laundered through fiat currency.

Get an Edge on the Crypto Market 👇

Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Credit: Source link

You might also like

Azuki’s Twitter account used to promote fake virtual land mint

Azuki’s Twitter account used to promote fake virtual land mint

January 27, 2023
Bitcoin could be the answer to the US’ spiraling debt

Bitcoin could be the answer to the US’ spiraling debt

January 27, 2023

Related Stories

Azuki’s Twitter account used to promote fake virtual land mint
Altcoins

Azuki’s Twitter account used to promote fake virtual land mint

January 27, 2023
Bitcoin could be the answer to the US’ spiraling debt
Altcoins

Bitcoin could be the answer to the US’ spiraling debt

January 27, 2023
Dedicated World Mobile Chain will bridge Cardano, Cosmos ecosystems
Altcoins

Dedicated World Mobile Chain will bridge Cardano, Cosmos ecosystems

January 27, 2023
Nearly $400M in crypto liquidations over 24 hours pushes Bitcoin above $23k
Altcoins

Third consecutive Friday of significant outflows for Bitcoin

January 27, 2023
Next Post
Luna Foundation blames litigations for non-distribution of assets to Terra holders

Luna Foundation blames litigations for non-distribution of assets to Terra holders

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Baanx Partnership Ensures Trusted User Onboarding for Online Banking Platform

Baanx Partnership Ensures Trusted User Onboarding for Online Banking Platform

January 25, 2023
Elizabeth Warren: Crypto giants are ‘collapsing under the weight of their own fraud’

Elizabeth Warren: Crypto giants are ‘collapsing under the weight of their own fraud’

January 25, 2023

Popular Story

    • Contact Us
    • Privacy Policy
    • Terms of Use
    • DMCA

    © 2021 - YourCryptoNews.net - All rights reserved!

    No Result
    View All Result
    • Live Prices
    • Crypto News
      • Altcoins
      • Bitcoin
    • Defi News
    • NFT News
    • Blockchain
    • Regulations
    • Trading
    • Scams

    © 2021 - YourCryptoNews.net - All rights reserved!

    • bitcoinBitcoin (BTC) $ 23,159.00 1.08%
    • ethereumEthereum (ETH) $ 1,603.74 0.92%
    • tetherTether (USDT) $ 1.00 0.03%
    • usd-coinUSD Coin (USDC) $ 1.00 0.01%
    • bnbBNB (BNB) $ 309.15 2.19%
    • xrpXRP (XRP) $ 0.415550 1.88%
    • binance-usdBinance USD (BUSD) $ 0.999894 0.02%
    • cardanoCardano (ADA) $ 0.396356 5.56%
    • dogecoinDogecoin (DOGE) $ 0.088205 2.84%
    • matic-networkPolygon (MATIC) $ 1.16 5.81%
    • solanaSolana (SOL) $ 24.65 2.96%
    • okbOKB (OKB) $ 36.38 1.4%
    • staked-etherLido Staked Ether (STETH) $ 1,600.62 0.88%
    • polkadotPolkadot (DOT) $ 6.63 3.74%
    • shiba-inuShiba Inu (SHIB) $ 0.000012 2.49%
    • avalanche-2Avalanche (AVAX) $ 21.49 20.33%
    • litecoinLitecoin (LTC) $ 88.96 2.49%
    • tronTRON (TRX) $ 0.063631 3.02%
    • uniswapUniswap (UNI) $ 6.89 3.01%
    • daiDai (DAI) $ 0.999786 0.13%
    • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 23,102.00 1.14%
    • cosmosCosmos Hub (ATOM) $ 13.84 7.04%
    • the-open-networkToncoin (TON) $ 2.57 7.69%
    • chainlinkChainlink (LINK) $ 7.45 5.08%
    • leo-tokenLEO Token (LEO) $ 3.86 5.81%
    • moneroMonero (XMR) $ 180.63 6.04%
    • ethereum-classicEthereum Classic (ETC) $ 22.15 1.93%
    • aptosAptos (APT) $ 18.21 4.58%
    • bitcoin-cashBitcoin Cash (BCH) $ 135.44 1%
    • stellarStellar (XLM) $ 0.093280 2.15%
    • apecoinApeCoin (APE) $ 6.31 3.78%
    • quant-networkQuant (QNT) $ 153.19 4.21%
    • nearNEAR Protocol (NEAR) $ 2.58 5.48%
    • crypto-com-chainCronos (CRO) $ 0.082408 2.75%
    • filecoinFilecoin (FIL) $ 5.49 2.99%
    • lido-daoLido DAO (LDO) $ 2.42 7.05%
    • algorandAlgorand (ALGO) $ 0.259766 6.55%
    • vechainVeChain (VET) $ 0.024961 4.85%
    • hedera-hashgraphHedera (HBAR) $ 0.069949 5.59%
    • internet-computerInternet Computer (ICP) $ 6.10 6.12%
    • axie-infinityAxie Infinity (AXS) $ 11.59 0.18%
    • decentralandDecentraland (MANA) $ 0.696194 4.83%
    • aaveAave (AAVE) $ 87.84 0.52%
    • eosEOS (EOS) $ 1.12 2.63%
    • the-sandboxThe Sandbox (SAND) $ 0.754760 3.6%
    • fantomFantom (FTM) $ 0.472616 0.39%
    • flowFlow (FLOW) $ 1.11 1.56%
    • theta-tokenTheta Network (THETA) $ 1.12 6.8%
    • elrond-erd-2MultiversX (EGLD) $ 45.15 4.52%
    • tezosTezos (XTZ) $ 1.13 3.92%