Altcoin News: 25-Year-Old Guy Faces a Life Sentence for Laundering $25 Million Through Cryptocurrencies
August 26, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
A 25-year-old resident of Los Angeles pleaded guilty to the organization of the scheme used to launder $25 million through his cryptocurrency exchange and Bitcoin terminal.
On August 23, Kunal Kalra, also known as the “coinman,” was charged with four charges, including operating an unlicensed money transmitting business and money laundering.
According to a Department of Justice statement, from May 2015 to October 2017, Kalra managed the cryptocurrency exchange without the proper permission. The exchange conducted operations to exchange Bitcoins for US dollars, and its clients were drug dealers and other representatives of criminals.
Kalra also admitted that he owned a Bitcoin terminal, which allowed customers to withdraw Bitcoins in cash without an identity confirmation. The prosecution noted that Kalra carried out such transactions for an additional fee, knowing that he was laundering money obtained by criminal means.
Law enforcement authorities seized $889,000 in cash and 54.3 Bitcoins from the accused, as well as other cryptocurrencies. Kunal Kalra is facing a life sentence.
Author: Marko Vidrih
