Some players who come into the blockchain industry to commit crime should think again based on new regulations fishing them out. The platform’s anonymity is a favorite amongst users who don’t want their details exposed to third-parties. Experts create wallets so that crypto-services providers cannot access customer details, thereby not being able to track them even when things turned south.
Unfortunately, criminals explore this feature to defraud or coerce unsuspecting people to send money through love scams or ransomware. The bad actors understand that cross-border transfers are easily monitored through a centralized system, discouraging most from using those mediums. As a growing innovation, Cryptocurrencies are presently the means thousands of people with bad intentions use to stay anonymous while committing atrocities.
Wealthy crypto holder allegedly launders money
The Australian police assert that a certain businessman uses Bitcoin as a means to launder money. The man known as a heavy spender bought luxurious vehicles for his lovers, making the two of them accomplices to his crimes.
Due to the buys being linked to the accused, the country’s authorities plan to seize the cars he bought for his girlfriends. The police opine that the millionaire, Benjamin Thomas Nelson, committed several crimes warranting the seizure of the items purchased for his lovers.
The division responsible for crime proceeds explained that the cars’ seizure was because Nelson bought the items with money gotten from his financial crimes. The division also explained that the suspect was of the habit of buying several extravagant items for his numerous girlfriends.
Following the items seized, the authorities pointed out one of the millionaire’s buys for one of his lovers, Kaori Nakase, who owned a Lamborghini purchased by the criminal. The luxury car cost almost $500,000 at the purchase time, which Nakase could not personally afford.
Australian police to seize other crime proceeds
The police are trying to get a hold of all the millionaire’s possession, mainly acquired from his crimes. The authorities revealed that the government would confiscate landed property owned by Nelson till further notice. The man owns several properties, having a beach resort and a luxury apartment to his name. The police concluded that the man bought the property through a complicated means to prevent stated-owned agencies from detecting this crime.
Asides from Nakase, the millionaire purchased another luxury vehicle for his other lover valued at almost $100,000. The authorities got hold of the model’s car and checked her accounts for suspicious activities. In one of her accounts, a Bitcoin holder had transferred over $200,000 suspected to be Nelson’s. Presently, the millionaire got convicted as payment for his criminal offenses.
He accumulated millions of dollars from his crimes, which he purchased his luxury goods. Apart from Nelson, several other crypto money launders got arrested following the transparent structure countries agitate for.
The RG Coin exchange manager, which provides crypto-related services, got jailed by authorities for money laundering crimes. The court opined that the exchange owner knew criminals used his platform but kept quiet concerning their offenses.
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