OM confiscates $ 25 million in bitcoin, traders jailed | NOW

The court in Rotterdam has convicted two bitcoin traders for money laundering. The duo had converted 25 million euros in bitcoins in their hands. Which reports the Public Prosecution Service.

The traders have been sentenced to prison terms of 2 and 2.5 years, of which six months are each conditional.

The duo used cash to buy millions of euros worth of bitcoin to launder money on behalf of customers. The pair offered their services through an online marketplace on the dark web.

Because the bitcoin trade was not known to the tax authorities, paying possible taxes was thus avoided. Customers of the money launderers were not asked to identify themselves and no records were kept.

25 million euros in bitcoins

Over a period of 2.5 years, more than 16 million euros was laundered in this way, the judge also ruled. At the time of arrest, the two together held 2,532 bitcoins, around 25 million euros.

An amount of 250,000 euros in cash was also seized, along with 178,000 euros from companies of the pair. Their companies together have to pay a fine of 90,000 euros.

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