Get Caught Abusing Bitcoin Cash And Pay The Price

Get Caught Abusing Bitcoin Cash And Pay The Price

It’s no secret that cryptocurrency and blockchain technology does give people access and the ability to carry out illicit activities that might otherwise be a little more difficult when relying on traditional banks. This is thanks to decentralisation and the anonymity provided by the blockchain

These criminals however are becoming easier and easier to find, as the entire community continues to wise up against illicit activities. A couple from the United States have been made a clear example of by one court in California after their involvement in a drug supply network, one that used cryptocurrencies in order to fund their crimes. The outcome? The couple must serve a custodial sentence, and in a rare turn of events, must pay a huge fine in cryptocurrencies.

Historically, many criminals that have used cryptocurrencies have been able to protect them whilst in prison. Often criminals go down, serve their sentence and come back out with their crypto riches in tact. However, as lawmakers begin to recognise cryptocurrencies, the authorities are gaining more power and more ability to seize them when they have been found to have been involved in illicit activity. According to The Next Web:

“A California-based couple will have to forfeit their cryptocurrency riches after pleading guilty to running a dark web drug operation ring. Jabari Monson, 32, of Merced, California pleaded guilty to conspiring to distribute controlled substances. Saudia Monson, 39, also of Merced, pleaded guilty to a violation of the Travel Act, after using the mail and internet to distribute controlled substances.”

The sentence:

“As part of their plea agreement, the defendants agreed to forfeit an undisclosed amount of cryptocurrency, which included Bitcoin and Bitcoin Cash. Jabari is looking at a maximum statutory penalty of 40 years in prison, a mandatory minimum of five years behind bars, and a hefty $5 million fine. Saudia, on the other hand, faces a maximum statutory penalty of five years in prison and a $250,000 fine.”

That’s a lot of money, and quite a long time behind bars too.

Remember, cryptocurrencies like Bitcoin and Bitcoin Cash do not totally mask your activities, generally you can be traced via the blockchain and if you’re involved in something you shouldn’t be, it’s getting more and more likely by the day that you will be caught. We need to stamp out this sort of crime if Bitcoin and crypto adoption is to have a fighting chance at a mainstream level in the future. 

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