US DOJ charges man for using BTC to launder $5.4M in drug trafficking money
The U.S. Department of Justice (DOJ) has indicted California-based John Khuu for laundering $5.4 million in drug trafficking proceeds using Bitcoin.
according to price, Khuu sold counterfeit medicines and controlled substances on dark web markets. He received his BTC as payment for purchases from customers.
To convert the funds into fiat currency, Khuu and his accomplices opened dozens of accounts with major US banks, including Citibank, Bank of America, and JPMorgan Chase.
The suspect allegedly laundered approximately $5.4 million worth of BTC during the surgery.
Khuu was arrested by the Department of Justice on August 19, 2022. He is currently facing two indictments on charges of conspiracy to launder money and illegally importing controlled substances. If proven guilty, he could face up to his 40 years in prison.
Declining crypto-related laundering
An example of crypto being used in dark web markets painted the industry in a bad light before authorities.In 2020, DOJ will be based in Ohio Larry Harmon He allegedly laundered more than $300 million using Bitcoin.
More recently, the narrative has taken a turn for the better. Chainanysis reports that in 2021, only about 0.05% of all crypto transactions were linked. money laundering, compared to 5% laundered through fiat currency.
