Feds arrest founder of bitcoin ‘mixer’ they say laundered $335 million over ten years

I am no expert but I do know how to connect the dots and the dots have been lining up to the fall of Bitcoin for the past few months.

“WATCH THE WATER”

The Division of Justice mentioned it has arrested a Russian-Swedish nationwide who allegedly operated a long-running cryptocurrency laundering website. In line with a information launch from the DOJ, Roman Sterlingov ran Bitcoin Fog, a cryptocurrency tumbler or “mixer”— which hides a cryptocurrency’s supply by mixing it with different funds.

Bitcoin Fog gained “notoriety as a go-to cash laundering service for criminals searching for to cover their illicit proceeds from legislation enforcement,” in line with the DOJ. The division says over the course of 10 years, Bitcoin Fog moved greater than 1.2 million bitcoin, valued on the time of the transactions at round $335 million. 

Bitcoin Fog has obtained a good quantity of protection from cryptocurrency blogs and information websites since its inception, with some recommending it as the most suitable choice for hiding the origin of bitcoin. The blockchain retains monitor of bitcoin transactions, making companies like Bitcoin Fog key for these seeking to do enterprise on the black market. 

“The majority of this cryptocurrency got here from darknet marketplaces and was tied to unlawful narcotics, pc fraud and abuse actions, and identification theft,” the DOJ mentioned.

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