Doctor Bitcoin’s creator, Mark Alexander Hopkins, was found guilty and sentenced to prison for running an unlawful cash-to-crypto scam. In addition, doctor Bitcoin admitted to unlawfully allowing criminals to swap fiat currency for Bitcoin.
Doctor Bitcoin acknowledged running unauthorized money transferring company, according to Prerak Shah, the acting U.S. Attorney for the Northern District of Texas. Hopkins, he claimed, disobeyed Texas regulations, allowing criminals to profit from their dealings with BTC.
“This defendant ignored federal law and allowed fraudsters to use Bitcoin to operate under the radar of law enforcement. “We are determined to rid the Bitcoin marketplace of anyone who knowingly helps criminal actors stash illegal profits inside crypto wallets,”Shah said.
Hopkins was accused of charging a charge for changing U.S. cash to digital assets, namely Bitcoin (BTC). However, on many occasions, he acknowledged ignoring the process of authenticating the source of the funds.
In 2019, Hopkins was approached by an unknown individual with the initials “M.H.” who wanted to swap cash for Bitcoin. Hopkins let the transaction go through despite the money being from a Nigerian lottery fraud.
He even gave the unidentified guy financial advice, advising him to operate with deposits of less than $9,500. He now faces a reduced term of up to five years in federal prison after pleading guilty.
The crypto monarch, like Doctor Bitcoin, was apprehended in India.
Cryptopolitan revealed a few weeks ago that Crypto King, a prominent drug lord, had been jailed in India for using Bitcoin to pay for hard narcotics both locally and globally on the Darknet.
India’s Narcotics Control Bureau apprehended Crypto King, whose actual name is Makarand Pardeep Adivirkar (NCB). He was well-known for importing potent narcotics from Europe and selling them throughout Indian states.
According to the NCB, Crypto king operated on the renowned Darknet, where a slew of criminals trade illicit goods, including narcotics and firearms.
He also accepted cash payment for illicit products and sold Bitcoin for a profit using his wallet.