Wednesday, October 5, 2022

US DOJ Confiscates $34M Worth of Crypto from A Florida Local

The United States Authorities have seized approximately $34 million worth of cryptocurrency from a South Florida-based local being prosecuted for money laundering crimes. According to a media release by the Department of Justice, the accused resident uses illegal dark web platforms to trade off hacked online account information linked to Netflix, HBO, and Uber.

The identity of the perpetrator of this crime remains concealed for reasons best known to the Department of Justice. The individual used an online pseudonym on the Dark Web and sold illegitimate things ranging from $100,000 to millions of dollars. The crackdown is said to be one of the largest crypto crackdowns in the US.

The South Florida-based local accessed the Dark Web by using a special kind of network called The Onion Router (TOR). This enabled the individual to ensure that the network traffic remains hidden while perpetuating the unlawful acts, hence anonymizing the IP address so as to evade being caught, a strategy that was foiled by law enforcement.

The concealed individual also explored the potential of a technique used to obscure the source of a cryptocurrency transaction, mostly used by cybercriminals. The technique is known as Chain Hopping. The technique enabled the individual to send crypto funds to various wallets while sustaining the anonymity of the origin of the transfers.

According to the media release, the various crypto wallets linked to the illegal Dark Web have been forfeited and the so-called “South Florida resident” has been prosecuted.

This investigation was carried out by an organized team of law enforcement called Operation TORnado, which is a subdivision of a broader government conclave named Organized Crime Drug Enforcement Task Forces (OCDETF). The team was launched by the US to crack down on the highest level of crimes related to drugs, human trafficking, and money laundering.

Crypto Fraud Crackdown in The United States

The United States has been very meticulous about bringing crypto crime offenders to book, the collaborative efforts of various law enforcement agencies in investigating these crimes, as well as technologies put in place to aid investigations have been notably yielding results.

Last month, an individual that presented himself as the president of World Sports Alliance (WSA), Saint Clair, thereby defrauding victims and amassing millions of dollars, which was used mostly for personal pleasures, was convicted by the Department of Justice, the individual stands the risk of bagging a 20-year jail term.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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