According to court records, the defendants ran an illegal business using the darknet to convert Bitcoin or other cryptocurrencies into cash. This was caught on the radar of law enforcement.
FBI investigating multimillion-dollar Bitcoin transfer
The FBI has charged six people for allegedly running a $30 million illegal money transfer business using cryptocurrencies, according to court documents filed Wednesday in the Southern District of New York. According to the filing, six individuals – Shaileshkumar Goyani, Brijeshkumar Patel, Hirenkumar Patel, Naineshkumar Patel, Nileshkumar Patel and Raju Patel – operated in New York without a proper money transmission license.
The FBI requested the court to arrest the individuals. An FBI agent’s unsealed affidavit contains some details. Accordingly, individuals used the darknet to convert Bitcoin or other cryptocurrencies into cash between July 2021 and September 2023. Thus, they did illegal business. A U.S. Magistrate Judge ordered the conditional release of at least one of the named individuals, Naineshkumar Patel, according to a court document.
Interesting details from the investigation
An unidentified accomplice said at least some customers “made money selling drugs” and that the wealthiest customers “were hackers,” the filing states. The accomplice made some disclosures to an undercover officer. Accordingly, he said he earned approximately $30 million over three years. He stated that he did this by exchanging cash for Bitcoin and cryptocurrency.
Meanwhile, law enforcement captured a man at a post office in Westchester County, New York, on February 7. He was mailing packages of cash in the name of an unnamed accomplice. This person then became a confidential source. He also cooperated with law enforcement in approximately 80 controlled cash purchases over the next eight months. These transactions were worth approximately $15 million in total. The filing states that the defendants do not have a licensed money transfer business, which is required in New York. It also says that they do not have any registration status. The alleged action includes photographic and video surveillance evidence of the defendants.
According to JPMorgan, the SEC will approve Spot Bitcoin ETFs!
cryptokoin.comAs you follow from , the spot Bitcoin ETF issue continues to remain on the market’s agenda. The SEC chose not to appeal a recent decision in the Grayscale case. Therefore, according to experts, the acceptance of applications is getting closer. JPMorgan’s report underscores the SEC’s decision not to appeal the Grayscale case decision. He sees this as an indication that the SEC is increasingly accepting of cryptocurrencies. According to experts led by Nikolaos Panigirtzoglou, approval will occur within a few months. We will most likely see this approval before January 10, the last day for Ark 21Shares applications.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!