The seizure made by US authorities in one of the largest cryptocurrency confiscations in the country.
Federal prosecutors in South Florida seized $34 million in cryptocurrency from a man they say was selling hacked credentials from online services such as HBO and Netflix on the dark web.
Regarding the operation, they stated that it was one of the largest cryptocurrency confiscations in the country.
Use of privacy mixer
The man, who is a resident of South Florida, had raised millions of dollars through more than 100,000 illicit item sales and hacked online account information for popular services like HBO,Netflix and Uberamong others, and agreed to the Dark Web using the network TOR (The Onion Router)the US Department of Justice said in a statement yesterday.
Onion Router Network is a special network of computers distributed around the world designed to anonymize a user’s Internet traffic by hiding the addresses IP (Internet Protocol) of the computers.
Authorities seized the assets under a civil Forfeiture Complaint, legal proceedings against property rather than a person. This type of action does not require the suspect to be convicted of the property to be seized.
The person was using a privacy mixer, too known as tumbler, to obfuscate transactions, which violated money laundering statutes, the Justice Department said. Police found several different wallets related to the activity.
In the press release it says: “Record analysis revealed that the South Florida resident used so-called “tumblers” and illegal Dark Web money transfer services to launder one cryptocurrency for another, a technique called “chain hopping,” in violation of federal money laundering statutes.
A tumber is a mix service Dark Web that bundles multiple cryptocurrency transactions. Then he tumber distributes cryptocurrency to a designated cryptocurrency wallet at random times and in random increments. The goal is to hide the original source of the funds. Law enforcement agents seized several cryptocurrency wallets associated with illegal Dark Web conduct.
The official note ends by saying that the confiscation action is the result of the Operation Tornado, a joint investigation arising from the ongoing efforts of OCDETF, a partnership between federal, state and local law enforcement agencies.
Explain: “The OCDETF program’s primary mission is to identify, disrupt, and dismantle the highest-level priority drug traffickers, money launderers, and other transnational criminal organizations that threaten the citizens of the United States using a prosecutor-led, multi-disciplinary system driven for intelligence. agency approach to combating transnational organized crime. The OCDETF program facilitates complex joint operations by focusing its partner agencies on priority objectives, by managing and coordinating the efforts of multiple agencies, and by leveraging intelligence across multiple investigative platforms.”
It is worth noting that a November 2021 report revealed that 93% of criminal seizures in the United States involved cryptocurrencies, according to a report from the Internal Revenue Service.
version of DailyBitcoin
Picture of unsplash
WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.