U.S. officials have charged a California resident with using bitcoin to launder $5.3 million in counterfeit drug proceeds. nikhileshde reports
, Khuu allegedly created vendor accounts on different darkweb marketplaces to sell the fake pills and other controlled substances beginning in January 2020. Customers"usually" used bitcoin to purchase these drugs, though the indictment suggested other cryptocurrencies may also have been used.
Khuu also allegedly used a network of financial institutions to launder the funds, including Bank of America, Citibank, JPMorgan Chase and Wells Fargo. The indictment alleged he created a number of fake accounts at these banks. The indictment went on to describe several transactions Khuu allegedly conducted as part of his efforts to convert bitcoin into cash. All told, he allegedly conducted just under 500 transactions tied to the sale of about 620 BTC.Read more about
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