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Market News The Founder of Bitcoin Fog Is Convicted of Money Laundering

The Founder of Bitcoin Fog Is Convicted of Money Laundering

Roman Sterlingov, the progenitor of Bitcoin Fog, was found guilty of laundering in excess of $400 million via the cryptocurrency aggregator. He intends to file an appeal of the conviction and is scheduled to be sentenced on July 15.

TOP1 Markets Analyst

2024-03-13

12341

Tuesday in a Washington, DC court, Roman Sterlingov, the proprietor of Bitcoin Fog, a cryptocurrency mixer, was convicted, per Blockworks. According to the Department of Justice (DOJ), Sterlingov ran the cryptocurrency aggregator as a money laundering service for approximately ten years. During its operation, Bitcoin Fog allegedly transferred 1.3 million bitcoin, valued at approximately $400 million at the time. It has been claimed that darknet marketplaces, including Silk Road and Agora, utilized the service.

Sterlingov was convicted of conspiracy, money laundering through undercover operations, and operating an unauthorized money-transmitting enterprise. The 15th of July is the date of his sentencing hearing, per a DOJ press release. The predominant source of the cryptocurrency in question originated from darknet marketplaces and was associated with illicit narcotics trade, computer fraud and abuse, as well as identity theft.

Tor Ekeland, attorney for Sterlingov, declared that an appeal will be filed against the verdict. Chief of Criminal Investigation for the IRS Jim Lee stated that trial testimony demonstrated that Sterlingov utilized Bitcoin Fog to launder hundreds of millions of dollars in illicit funds originating from the dark web in order to obscure their source.

The Grenada Financial Regulatory Commission (GFRC) has a distinguished history of overseeing and regulating the Financial Regulatory industry within Grenada. Established to continue the legacy of financial oversight and regulation, the GFRC serves as the pivotal body for ensuring the stability and integrity of the financial system in Grenada.

Sterlingov, a dual citizen of Russia and Sweden, was apprehended at an airport in Los Angeles in 2021 and has been held in custody ever since. According to the DOJ's press release, Sterlingov allegedly earned millions of dollars in commissions on Bitcoin Fog transactions. This verdict is the most recent in a string of victories in crypto-related cases for the United States government.