• info@parsalandco.com
  • +989124000464
  • +989127093613
  • Home
  • Startups
  • Departments
    • Application Software Department
    • Architecture Department
    • Construction Department
    • Cryptocurrency Department
    • Decoration Department
    • Digital Investment Department
    • E-Commerce Department
    • Electronic Department
    • Energy Saving Department
    • Health Department
    • IOT Department
    • Mechanical Department
  • Top Projects
    • Green Power Generator
    • Green Marketing
    • Smart Animal Husbandry
  • Blog
  • about us
    • Ethics charter
Menu
  • Home
  • Startups
  • Departments
    • Application Software Department
    • Architecture Department
    • Construction Department
    • Cryptocurrency Department
    • Decoration Department
    • Digital Investment Department
    • E-Commerce Department
    • Electronic Department
    • Energy Saving Department
    • Health Department
    • IOT Department
    • Mechanical Department
  • Top Projects
    • Green Power Generator
    • Green Marketing
    • Smart Animal Husbandry
  • Blog
  • about us
    • Ethics charter

Alleged Bitcoin Fog Operator Arrested for Money Laundering, Admin Accused of Mixing 1.2 Million BTC

Home » Blog » Alleged Bitcoin Fog Operator Arrested for Money Laundering, Admin Accused of Mixing 1.2 Million BTC

Japan's Gaming Giant Nexon Buys 1,717 Bitcoins — Company Says BTC 'Offers Long-Term Stability and Liquidity'
Japan’s Gaming Giant Nexon Buys 1,717 Bitcoins — Company Says BTC ‘Offers Long-Term Stability and Liquidity’
April 28, 2021
Radix rolls out Betanet for its layer-1 DeFi protocol
Radix rolls out Betanet for its layer-1 DeFi protocol
April 28, 2021
April 28, 2021
Categories
  • Blockchain
Tags
  • Bitcoin Fog
  • BTC
Alleged Bitcoin Fog Operator Arrested for Money Laundering, Admin Accused of Mixing 1.2 Million BTC

Alleged Bitcoin Fog Operator Arrested for Money Laundering, Admin Accused of Mixing 1.2 Million BTC

U.S. law enforcement arrested the alleged operator of Bitcoin Fog, Roman Sterlingov in Los Angeles on Tuesday. Documents show Sterlingov is accused of laundering over 1.2 million bitcoin via the Bitcoin Fog mixer, a tool that allows users to mix transactions together. According to federal investigators, Sterlingov ran the operation for ten years and processed $336 million in BTC transactions.

US Government Charges Alleged Bitcoin Fog Kingpin With Money Laundering


The U.S. government has charged and arrested a Russian and Swedish citizen Roman Sterlingov with money laundering using a bitcoin mixer. Ostensibly, Sterlingov was the lead administrator in the Bitcoin Fog operation which used a Coinjoin-based mixing tool to blend BTC UTXOs.

Bitcoin Fog could be found on Tor via an onion address, it required mandatory registration, and a minimum deposit of 0.01 BTC to use the platform. However, the registration process was not tied to an email and simply required a username and password.

The U.S. Internal Revenue Service (IRS) has accused Sterlingov of allowing money laundering without tracing any of the payments. Federal prosecutors believe Sterlingov took in around $8 million in BTC for his services, getting around a 2% fee per mix on Bitcoin Fog. Sterlingov is accused of processing 1.2 million BTC, which was worth around $336 million at the time of all the payments.

“Analysis of bitcoin transactions, financial records, Internet service provider records, e-mail records, and additional investigative information, identifies Roman Sterlingov as the principal operator of Bitcoin Fog,” said Devon Beckett, the IRS’s Criminal Investigation special agent. Sterlingov is charged with “Money Transmission without a License,” “Money Laundering,” and “Unlicensed Money Transmission.”

Blockchain Analysis Exposed the Bitcoin Fog Operator in 2011


Wired contributor, Andy Greenberg, spoke with the Chainalysis cofounder Jonathan Levin about the situation. Greenberg’s report details that alleged transactions stemming from Sterlingov in 2011 gave the IRS the clues they needed to catch him. Sterlingov apparently used these transactions to set up Bitcoin Fog’s server.

“This is yet another example of how investigators with the right tools can leverage the transparency of cryptocurrency to follow the flow of illicit funds,” the Chainalysis executive told Greenberg.

Source : News Bitcoin

Related post

  • Ripple pins hopes on Biden administration as co-founder sells 28.6M XRP
  • Bitcoin: Here’s why $50,000 will come sooner than expected
  • Ethereum surges to a record high of $2,000
  • Uniswap (UNI) and Compound (COMP) hit new highs as DeFi TVL reaches $27.6B
  • COTI, STASIS integrate Chainlink to bridge CeFi-DeFi
Share
13
Negin Rezaei
Negin Rezaei

Related posts

Nano Water Chip

Nano Water Chip

April 9, 2023

Nano Water Chip


Read more
January 30, 2023

Opportunity job in The Metaverse


Read more
Euphoria Spa

Euphoria Spa

January 16, 2023

Euphoria Spa


Read more
Neuralink brain chip
January 14, 2023

Neuralink brain chip


Read more

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

About Us

Parsaland Trading Company with many activities in the fields of import and export, investment consulting, blockchain consulting, information technology and building construction

Departments

  • Application Software
  • Architecture
  • Construction
  • Cryptocurrency
  • Decoration
  • E-Commerce
  • Electronic
  • Energy Saving
  • Health
  • IOT
  • Mechanical

Quick Link

  • Home
  • Startups
  • Blog
  • About Us

Contact Us

  • +989124000464
  • +989127093613
  • info@parsalandco.com
  • parsalandco-company
  • parsalandco_com
  • parsalandco_com