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California Resident Admits Running Bitcoin Exchange to Launder Drug Money

June G. Bauer

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A California man agreed to plead guilt to federal charges stemming from his money laundering business and drug trafficking operation. He admitted exchanging up to $25 million in cryptocurrency and cash from darkweb drug traffickers and others looking to launder money. Kalra allowed his customers to use his Bitcoin ATM kiosk.

According to the United States Attorney’s Office of the Central District of California, this is the first federal money laundering case involving a Bitcoin ATM kiosk.

Kunal Kalra, 25 – who was also known as “Kumar,” “shecklemayne” and “coinman” – was charged today in a four-count criminal information filed in United States District Court and is expected to make his initial court appearance next month. Pursuant to a plea agreement also filed today, Kalra agreed to plead guilty to four felonies: distribution of methamphetamine, operating an unlicensed money transmitting business, laundering of monetary instruments, and failure to maintain an effective anti-money laundering program.

Kalra also admitted that in 2017 he exchanged approximately $400,000 in cash for Bitcoin for an undercover agent who contacted him online and later met him in person on multiple occasions at a coffee shop in Los Angeles. The undercover agent told Kalra that his virtual currency were proceeds of drug trafficking, and Kalra continued with various transactions, according to the plea agreement.

Pop cultureaholic, Technology expert, Web fanatic and a Social media geek. If you have any questions or comments please feel free to email her at [email protected] or contact her on Twitter @JuneTBauer1

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Video: Roger Ver: Bitcoin Cash Can Go Up a Thousand Times

Sying Tien

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Roger Ver, founder of bitcoin.com, who’s known as “Bitcoin Jesus,” joins CNBC’s “Power Lunch” team to talk about the cryptocurrency markets, the price of Bitcoin and more.

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Morocco Warns of Cryptocurrency Risks

M. Ali

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Morocco Warns of Cryptocurrency Risks

During a blockchain conference that was held last week on Rabat, the Moroccan Central Bank’s president Abdel Latif El-Gawahry said he is doubtful that cryptocurrencies can ever become the future of money and trading Bitcoin and other cryptocurrencies is a high risk.

According to the Moroccan news media “Hespress”, during the event, El- Gawahry also expressed doubt that cryptocurrencies could ever become the future of money. He said that Bitcoin lacks the characteristics of a real currency:

El-Gawahry said that despite the fact that he is against Bitcoin, he believes that blockchain technology has changed the way that banks and financial institutions operate today. He also added that he thinks that the blockchain revolution has arrived, and we believe it has the potential to impact the world just as much as the internet has since the 1990’s.

El-Gawahr aslso mentioned that Morocco, in the near future will be improving the local finacial services by applying new technologies such as blockchain.

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New Zealand Police Seize $4.2 Million Worth of Cryptocurrency From a Movie Pirate.

June G. Bauer

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New Zealand Seize cryptocurrency

New Zealand Police have seized $6.7 million New Zealand dollars (around $4.3 M USD) in cryptocurrencies as well as another $1.1 million New Zealand dollars in bank funds from an alleged movie pirate who lives in Hamilton city in the North Island of New Zealand.

According to NZ Herald, a local media outlet, the arrest came following an investigation into alleged online movie piracy in the United States. The culprit name is Jaron David McIvor, a 31-year-old computer programmer and was charged of committing money laundering by receiving millions of dollars from an alleged illegal movie streaming website he helped create.

The money was allegedly deposited into his bank accounts from international wire transfers, PayPal, and another third party payment processor “Stripe”.

According to the report, this seizure is believed to be the first “high value” restraint of cryptocurrency in New Zealand and easily the largest amount.

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