- Bulgarian crypto exchange operator sentenced for laundering money
- Scam carried out under the company name RG COINS
- A total of $184000 is said be convicted from all the fake transactions
Recently an operator of the Bulgarian crypto exchange has been sentenced, a term of 10 years in jail for carrying out illegal practices of earning money. This was carried out in cooperation with an Eastern cybercrime syndicate. The name of the operator was known to be Rosser Iossifov, who was arrested for money laundering under the name of RG COINS crypto platform.
It is reported that 20 more people have been involved with Iossifov in this scam and all have been under the name of RG COINS. According to the US state, it has been confirmed that over $7 million were burgled. The people involved in this scam sold people luxury items that do not exist and collect money from them. In this way over 900 Americans were the victims of this scheme. All these transactions were carried out with crypto currency.
A total of $184000 was recorded as the money obtained by these fake transactions. So far only 17 of them were convicted and sentenced with Iossifov having the highest sentence. Search is still on in order nab the other three culprits. Crypto has seen a lot of such problems. This was not the first case that crypto faced. It was just the recent one. In September 2020 a person named Alexander Vinik was sentenced for 5 years for money laundering.
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