A US law enacted in 1992 was used to sentence Mark Alexander Hopkins, also known as Doctor Bitcoins, to federal prison. An FBI raid on their home was described in a lengthy thread on the social networking site.
I'm going offline for a while. Uncle Sam will be footing the bill for my room and board for the next 6 to 15 months for the crime of selling #bitcoin a few years ago.
He was an over-the-counterBitcoin trader. Over-the-counter traders and companies are entities that facilitate purchases and sales of cryptocurrencies by both individuals and companies, according to a website.
The charges against his family were dropped in exchange for a plea deal after the FBI raided his home and tried to implicate his wife.
The US Department of Justice stated that his actions enabled a fraudster who committed fraud with funds he transacted on her behalf.
According to plea papers, Mr.Hopkins admitted he ran a business that converted U.S. dollars toCryptocurrencies for a fee He admitted that he did not take additional steps to verify the source of the cash.
The prisons would fill up quickly if everyone was prosecuted for coming into contact with funds next to scam money. One NFT marketplace admitted as much as 80 percent of its transactions were fraudulent in January.
On the other hand, it seems like most people are exchanging cash for coins while ignoring rules around documentation, which may mean that many of their customers are not involved in aboveboard activities.
We have to agree on the need for more clarity around financial laws that govern the ledger.
There is more on the case of the missing CEO who faces 40,000 years in prison for swindling user funds.
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