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Founder of Crypto Mixer Bitcoin Fog Sentenced to Over 12 Years in Prison on Money Laundering Charges

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The founder of the longest-running crypto mixer on the darknet has just been ordered to serve 12 years and six months in prison.

In a statement, the U.S. Department of Justice (DOJ) says Roman Sterlingov was sentenced for operating the cryptocurrency mixer Bitcoin Fog, which laundered hundreds of millions of dollars in digital assets for a decade. 

Prosecutors say that the 36-year-old operated Bitcoin Fog from 2011 to 2021 when it processed over 1.2 million Bitcoin (BTC) worth approximately $400 million at the time of the transactions. 

The DOJ says the funds were mostly from darknet marketplaces and criminal activities linked to illegal narcotics, computer crimes, identity theft and other illicit acts.

Sterlingov was sentenced following a one-month jury trial earlier this year, which found him guilty of money laundering conspiracy, money laundering, operating an unlicensed money transmitting business and money transmission without a license.

Says US Attorney Matthew M. Graves for the District of Columbia,

“Today’s sentence sends an unmistakable message: those who help criminals with online payments for their illegal activities will face serious penalties. This prosecution also provides more proof that we have the skilled investigators and talented prosecutors needed to hold those who operate these darknet sites accountable.”

In addition to the prison term, Sterlingov was ordered to pay a forfeiture money judgment of $395.5 million and forfeit $1.76 million worth of crypto and monetary assets. He was also ordered to forfeit his interest in a Bitcoin Fog wallet holding approximately 1,345 BTC worth over $103 million.

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Bitcoin

Devs Debate Tech Upgrades to Top Crypto

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Proposed soft forks percolate up from the bitcoiner community. They undergo study and debate, and if they find sufficient interest, get a Bitcoin Improvement Proposal (BIP) number. From there, they face more debates, security reviews, debates, and also debates. BIPs that win community consensus (whatever that means) must then be activated as a soft fork – a mechanism that itself is up for debate.



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Analyst Sets $320,000 Target As Wave 5 Begins

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Este artículo también está disponible en español.

The Bitcoin price has finally broken out of resistance and is on a journey to the $320,000 threshold, according to a crypto analyst. Notably, the Bitcoin price has now returned into a full bullish sentiment, with the crypto fear and greed index now pointing to extreme greed.

In a recent technical analysis, crypto analyst Gert van Lagen identified a bullish pattern in Bitcoin’s price chart, specifically pointing to a confirmed breakout of the classic ‘cup-and-handle’ pattern formation that has essentially kicked off a bullish Wave 5 run.

Bitcoin Price Sets Sights On $320,000 As Wave 5 Begins

Bitcoin’s price action has been nothing short of impressive in the past few days. Notably, the Bitcoin price has created multiple all-time highs in quick succession, as many investors start to pour in. This sustained demand has created successive bullish candles on both the daily and weekly charts, illustrating a continued strong upward momentum.

Interestingly, these bullish candle formations have validated what crypto analyst Gert van Lagen called the start of a sub-wave 5 formation. This wave, which is known to be bullish, is expected to be the final sub-wave formation in a larger Elliot wave uptrend that has been in play since January 2023. 

Supporting the possibility of the wave 5 formation, technical analysis of the Bitcoin price formation shows that the recent price rally has seen Bitcoin breaking out of a cup-and-handle formation. This pattern, which is known to be bullish, has been in formation since 2022. The ‘cup’ portion of this pattern began forming in early 2022 and eventually ended with Bitcoin’s peak above $73,700 in March 2024. The subsequent consolidation phase, which lasted until October, represents the ‘handle’ segment of the pattern.

In addition to this, Bitcoin has managed to break free from what van Lagen described as a ‘base 4 step-wise formation,’ effectively shaking off a bear trap. With this breakout now confirmed, van Lagen’s analysis points to a projected target range between $220,000 and $320,000. This range marks what he considers a ‘major sell line,’ which is a zone where profit-taking might intensify as Bitcoin reaches these upper limits.

Bitcoin price
Source: X

Current State Of BTC

At the time of writing, Bitcoin is trading at $89,500 with a market cap of $1.77 trillion and an all-time high of $89,864, having increased by about 10.5% in the past 24 hours. However, given this trend, this all-time high might not last long. The bullish sentiment and inflow surrounding Bitcoin has been so massive that investors don’t know when to take profit at the moment. The RSI is above 70 on every single timeframe from the daily to the yearly. This shows how strong the buying momentum is at the moment.

Nevertheless, the momentum is expected to continue, with the next target at $90,000 and another at $100,000. A move to Gert van Lagen’s target of $220,000 to $320,000 will represent a 145% and 255% increase, respectively, from the current price.

Bitcoin price chart from Tradingview.com
BTC price struggling to hold $88,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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Adoption

AI startup Genius Group picks Bitcoin as main treasury asset

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Bitcoin as an institutional reserve asset gained more traction as a Singapore-based AI company took a page from MicroStrategy’s book.

Per a press statement, publicly-traded artificial intelligence firm Genius Group will onboard Bitcoin (BTC) as its main treasury holding and immediately purchase $120 million worth of the world’s leading cryptocurrency.

Genius Group also said it would hold 90% of its current and future treasury value in Bitcoin, adding to its initial 1,380 token buy plan disclosed on Nov. 12. The startup’s GNS shares surged 50% during pre-market trading, according to Yahoo Finance. GNS prices shook off gains by publishing time, but the shares still traded higher than their previous close.

At least three institutional players have now adopted the BTC accumulation strategy pioneered by Michael Saylor’s software behemoth MicroStrategy. Firms like Tokyo’s Metaplanet, medical tech provider Semler Scientific, and now Genius announced BTC purchasing plans inspired by Saylor’s company.

All three companies hold over 1,000 BTC. The trio were leagues away from MicroStrategy’s 279,420 Bitcoin trove valued at over $24 billion due to recent highs.

We believe that with our Bitcoin-first strategy, we will be among the first NYSE American listed companies to fully embrace Microstrategy’s Bitcoin strategy for the benefit of our shareholders.

Thomas Power, Genius Group director

Stocking most of its treasury with BTC was also revealed shortly after Genius reshuffled its top decision-makers. Genius added multiple crypto-savvy board members as the firm paid more attention to web3 and blockchain technology.



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