Two Nigerian scammers were held last week after hatching an elaborate fraud to steal "$435 million around the world" using illicit emails, luxury brand showoffs, and Bitcoin.
Gemini used to purchase millions in BTC. An SEC filing obtained by CryptoSlate shows the scammers made fraudulent bank accounts for two unnamed companies in Chicago.
They then targeted employees to sent funds to those accounts, converting them to Bitcoin via Gemini soon after.
The scammers used Bank of America, Wells Fargo, and other banks to transfer their funds.
While they made efforts to cover their bank traces using an alias and other tricks; they didn't seem to cover their Bitcoin footprint - which ultimately led to them getting caught.
Nted to 601 BTC. Bitcoin traded at around $3,500-$4,000 in that period last year.
Amusingly, it was Bitcoin's blockchain instead of bank-provided information that helped the FBI trace the scammers.
For decentralization purists, this means a breach of one's financial identity and a case for the pseudonymity of Bitcoin.
For legal enforcers, it signals Bitcoin can be part of a well-functioning financial system where professional analytics firms trace any fraudulent transactions when requested.
As CryptoSlate reported, the scammers swindled ETH to fund a lifestyle featuring lavish villas and Ferraris.
Rolls-Royce, Gucci-flaunting scammers caught after FBI analyzes Bitcoin trail
gepubliceerd op Jul 13, 2020
by Cryptoslate | gepubliceerd op Coinage
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