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Man Faces 14 Months for Illegally Exchanging Bitcoin for Cash

A 46-year-old from Zwolle, Netherlands, laundered money for suspected criminals by anonymously exchanging Bitcoin for cash. In court, the prosecution pushed the court to sentence the defendant to 14 months in prison and two years of probation.

The defendant faces charges for money laundering, possession of counterfeit money, possession of multiple illegal substances, and possession of pepper spray.

In court, the prosecutor said the defendant had given his customers the ability to exchange cryptocurrency anonymously for a commission of 16 percent. “Why did so much pay and travel so far–something his customers did–for actions that could be arranged with a smartphone or computer within hours and with a commission of two to three percent,” an officer said in court. “[There is only one reason for this]: those customers do not want to be traceable.” Investigators have evidence that at least one of the defendant’s customers had violated drug laws: police found more than 30 kilograms of drugs in one of the customer’s houses.

The prosecutor said the defendant had advertised his services under a pseudonym through a website that protected his identity. Investigators have a list of the defendant’s 15 most recent transactions (38,000 euros transacted in total). “We don’t know if this is the total size or just the tip of the iceberg. There is nothing to be found on paper,” the officer said.

11 Comments

Frost

Mon, Jun 1, 2020

police found more than 30 kilograms of drugs in one of the customer’s houses.

Does this mean this guy gave up his customers???

frosty

Mon, Jun 1, 2020

They were probably watching everyone cashing out....or it is verly likely he did snitch on everyone.

frosty

Mon, Jun 1, 2020

it sounds like they caught a vendor and they traced his transactions to this money launderer, once they have the vendors wallet they can look at all his out and inbound transactions

Alpraking

Mon, Jun 1, 2020

Yea he snitched how would they find the actual person through the last few transactions? Unless blockchain is giving up emails attached to bitcoin wallets

tyre

Mon, Jun 1, 2020

@alpraking:

Bitcoin wallets dont require an email, atleast electrum doesn’t.

Frosty

Tue, Jun 2, 2020

possession of pepper spray.

Pepper spray is illegal in the Netherlands?

Gee

Tue, Jun 2, 2020

Well this guy is going to walk. Unless they can knowingly prove yada yada yada. I mean they had to charge him with pepper spray.

Fuck the police someone should start a riot. oh wait that happened.

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Tue, Jun 2, 2020
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blotter

Wed, Jun 10, 2020

Some idiots have no idea, then they get caught.

river

Mon, Jun 15, 2020

so you think cryptocurrency is safe? noobs. why would they make it legal if they knew they couldn't control it? gonna walk in his dreams is about it. crypto is very overrated. its being traded more like a company's shares than like a currency. what gonna happen next is inevitable.

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