A 38-year-old British man received a four year prison sentence for laundering bitcoin for darknet drug dealers. The Public Prosecutor, at Rotterdam District Court, ‘proved’ the man had been working as a money launderer for two years and had laundered more than 11 million euros.
“It is only possible that the suspect in all this has only allowed himself to be driven by profit, at the expense of society.”
The prosecutors of the National Public Prosecutor demanded a prison sentence of 5 years against the suspect two weeks ago . He was also responsible for hemp cultivation, in addition to the laundering of bitcoins.
Intentional Money Laundering
According to the court, the suspect knew that it was criminal money. He has facilitated the underlying crime by laundering criminal property. In the verdict, the court further points to the deterioration of the legal economy by money laundering. “It is only possible that the suspect in all this has only allowed himself to be driven by profit, at the expense of society.”
The Public Prosecution Service (OM) demanded a prison sentence of 5 years against a whitewashing bitcoin trader at the court in Dordrecht. The man was on trial because he had exchanged bitcoins for about 11.5 million euros in two years from 2014 to 2016 .
That money probably came from the illegal trade in drugs and other prohibited goods on hidden darknet markets on the internet. The changer, a 38-year-old Brit who lives in Amsterdam, earned his money easily in less than two years with an unusually high commission of 5 to 8 percent. (No, not this money launderer.)
The prosecutors of the National Public Prosecution Office stated that the high commission was the price paid by customers to remain anonymous. The suspect took a part of that risk for his own account and let himself be paid royal. He and his wife hardly had a legal income.
With his working method, the suspect was a pioneer in a rapidly changing world of bitcoin trading. He still used bank accounts in his own name. That went well until the police stood on the sidewalk. Of the exchange transactions, millions of euros were exchanged and debited at ATMs.
Random Marijuana Stuff
The exchanger also stood for hemp cultivation. On his computer the police found numerous photos of a hemp plantation in the man’s previous home. The prosecutors emphasized that illegal trafficking in drugs, life-threatening medicines and weapons is only possible thanks to service providers such as this suspect.
He thought he had seen a gap in the market and jumped into it. He started with a cannabis plantation, sold the harvest on the darkweb and paid for bitcoins . Soon he noticed that he no longer needed the weed to make a substantial turnover and fine profit. According to the man himself, his customers were honorable citizens and not crooks.