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HomeBTCNew York man arrested for USD 2.7 million 'Cash-To-Bitcoin' fraud

New York man arrested for USD 2.7 million ‘Cash-To-Bitcoin’ fraud

On March 25, a New York man was accused of running a cryptocurrency money laundering scam that he promoted on social media. He told customers that he could help them stay “completely off the radar.”

The Manhattan District Attorney accused the man, a former party organiser, of laundering $2.7 million in bitcoin and cash to help numerous customers conceal money gained via allegedly illegal acts.

The cash-to-bitcoin operation is referred to by the MDA as a “takedown” of a global bitcoin money laundering company.

The MDA claims that Thomas Spieker, 42, and his associates used bitcoin to facilitate a number of illegal operations, including dark-web drug transactions.

According to authorities, Spieker’s clientele are using darknet for drug selling, fake Xanax, and other illegal narcotics in every state in America.

The MDA claimed in a statement that between January 2018 and August 2021, Spieker converted over $2.5 million in Bitcoin and $380,000 in cryptocurrency into US dollars with the help of “a rotating set of accomplices” who opened bank and cryptocurrency exchange accounts to facilitate the laundering of “criminal proceeds.”

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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