Altcoin News by Thebittimes.Com

A Maryland father and son receive federal prison sentences for their involvement in a dark web drug trafficking and Bitcoin laundering operation. In a case underscoring the complex challenges of digital crime, a father and son duo from Maryland have been sentence d for their roles in a sophisticated dark web drug trafficking operation and subsequent Bitcoin (BTC) laundering scheme. Joseph Farace, 72, received a 19-month federal prison sentence on Jan. 8 for assisting his son, Ryan Farace, 38, in laundering Bitcoin earned from illegal drug sales. Court documents reveal that from November 2013 to June 2017, Ryan Farace masterminded a lucrative dark web operation, generating over 9,138 Bitcoin by selling illegal substances. In 2020, from behind bars, Ryan Farace orchestrated the transfer of over 2,874 BTC to a foreign bank account, using a prison library book to communicate the recipient’s Bitcoin address to his father. Federal investigators, however, intercepted these operatio...

Mark Scott, associated with the $4 billion OneCoin fraud as the chief legal officer, is set to be sentenced while U.S. District Judge Edgardo Ramos denied his request for trial . Scott was found guilty of laundering roughly $400 million in 2019. In addition, he made $50 million from the pyramid scheme created by the so-called Crypto Queen Ruja Ignatova, who is also on the FBI’s Ten Most Wanted list. However, according to Bloomberg, Scott claimed he wasn’t aware that OneCoin was a fraud. His lawyer , Arlo Devlin-Brown, added that an appeal for the judge’s ruling should be expected. Devlin-Brown wrote in an email that Konstantin Ignatov, Crypto Queen’s brother, perjured himself on the witness stand. You might also like: Who is Crypto Queen, the only woman on FBI’s most wanted list The Bloomberg report also revealed that Scott used the funds he made from the pyramid scheme to buy luxuries, including a yacht, homes in Cape Cod and Massachusetts, cars, and watches.  The chief...

Join Our Telegram channel to stay up to date on breaking news coverage Nicholas Truglia, of Florida, was sentenced to 18 months in prison on Thursday for his role in a fraud scheme that resulted in the theft of million s from cryptocurrency investor Michael Terpin. The funds were stolen as a result of a SIM swap attack in January 2018 that allowed Truglia’s co-conspirators to hijack Terpin’s phone number and fraudulently transfer approximately $23.8 million in cryptocurrency from his crypto wallet to an online account controlled by Truglia. The defendant “agreed to convert the stolen cryptocurrency into Bitcoin, another form of cryptocurrency, and then transfer the Bitcoin to other Scheme Participants, while keeping a portion as payment for his services,” according to the indictment. Truglia kept at least $673,000 of the stolen funds in order to assist the other fraudsters in collecting and dividing the illegally obtained funds among themselves. Th...