Create a FREE account and...
Manage your own Watchlist
Access all education lessons
Converse with other crypto enthusiasts
Be a part of the Interactive Crypto Community
OR
Please fill out the required fields Please fill out the required fields Please fill out the required fields
Get Into Cryptocurrency Trading Today
A 25-year old man from California faces a harsh sentence for the role he played in running an illegal and unlicenced Bitcoin exchange where he is reported to have exchanged over $25 million in cash and crypto. The concerns here for authorities links directly to money laundering which is something that the accused could well have been doing.
Kunal Kalra, also known as “Kumar,” “shecklemayne” and “coinman,” faces the charges after it emerged that some of his clients for his exchange services were known drug dealers. Kalra has said, ahead of his first appearance in court, that he will plead guilty to the charges.
A release detailing the case alleges that Kalra ran his unlicensed Bitocin exchange and ATM kiosk from May 2015 through October 2017. It was in this time where he admitted to having exchanged bitcoin for cash from criminals including drug dealers who obtained the cryptocurrency from selling narcotics on the darknet.
This immediately raises money laundering concerns for authorities, especially considering the recent crackdown on darknet drug dealers who have been forced to forfeit their own cryptocurrency when being arrested.
Had Kalra institute the required anti-money laundering policy, he would not have been able to facilitate these types of transactions which also netted him commission on his transactions; all the while knowing these transactions came from drug trafficking.
As part of the investigation, law enforcement seized about $889,000 in cash from Kalra and about 54.3 Bitcoin and other cryptocurrencies, worth more than half-million dollars. The announcement said the maximum penalty Kalra could face is to serve a lifetime behind bars.
The reason for such a high potential imprisonment terms also relates to the manner in which Klara operated, as well previous charges against the California resident.
In June 2017, Kalra sold nearly two pounds of methamphetamine to an undercover law enforcement official in exchange for $6,000. Kalra and the undercover agent later met to exchange $50,000 in Bitcoin for cash, which the undercover agent represented to Kalra was the proceeds of the sales of the methamphetamine that Kalra had sold to the agent.
Moreover, Kalra also faces federal criminal charges in San Antonio, Texas, that were filed earlier this month. That case alleges Kalra conspired to commit money laundering for a drug trafficking network that sold fraudulent prescription tablets, including some laced with methamphetamine and fentanyl. In the plea agreement filed today, Kalra agreed to plead guilty to those charges in Los Angeles federal court.
More and more law enforcement are coming across cases that either involve cryptocurrency in some sense, or are related to crimes committed with cryptocurrency. There have been growing cases of dark net drug dealers facing the law and having to give up their ill-gotten cryptocurrencies, but then there are cases like Klara’s whih see the cryptocurrency being used in an illegal manner.
Create a FREE account and...
Manage your own Watchlist
Access all education lessons
Converse with other crypto enthusiasts
Be a part of the Interactive Crypto Community
ALL
TRENDING
WATCHLIST
Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.
{[{ marketcap }]} {[{ marketcapchange.toLocaleString(undefined, {maximumFractionDigits:2}) }]}% (24H) {[{ marketcapchange.toLocaleString(undefined, {maximumFractionDigits:2}) }]}% (24H)
Symbol
Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current price and the price24 hours ago.
Trade
{[{ item.name }]}
{[{ index + $index}]}
{[{ item.pair.split('_')[0] }]}
Ƀ{[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]} ${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]}
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
Symbol
Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting allthe data fromseveral exchanges to provide the most accurate price available.
24H Cryptocurrency prices are volatile… The 24h % change is the difference between the current priceand the price24 hours ago.
Trade
{[{ item.name }]}
{[{ index + $index}]}
{[{ item.pair.split('_')[0] }]}
Ƀ{[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]} ${[{item.price.toLocaleString(undefined, {maximumFractionDigits: 5}) }]}
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
{[{ item.change24.toLocaleString(undefined, {maximumFractionDigits: 2}) }]}%
Lone Star State ‘Will Be Silicon Valley´ of Crypto Thanks to Key Legislative Wins: Texas Blockchain Council President
28 minutes ago | Decrypt
Kevin O´Leary doesn´t rule out criminal charges for Binance
30 minutes ago | Cointelegraph
Vitalik Outlines Three Transitions for Ethereum´s future
36 minutes ago | Crypto Daily
Solana (SOL) Sees 86% Monthly Growth in Active Network Addresses: Details
38 minutes ago | UToday
JustBit Casino Review
JustBit Casino, which specializes in virtual currencies, is easy to use because withdrawals are expl...
Huobi Token General Overview
Is Ripple The Cryptocurrency of 2021? - In Depth Review of Ripple XRP
Ethereum Classic Review
Monero General Overview
XBO
XBO.com cryptocurrency exchange redefines how you interact with crypto. Designed to make the benefit...
Bithumb
Understanding Bithumb This article highlights what is Bithumb and where it is located. It also di...
Bitstamp
Bitstamp's continued success in the crypto market This article highlights what Bitstamp is. I...
Bitfinex
Bitfinex general overview delves deep into its operations since its inception in 2012 up to date. It...
FTXUS
Introduction to the FTXUS Trading Platform FTXUS is a type of cryptocurrency derivatives exchange...
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
Cryptopay.me
Updated, Apr 04, 2020 Cryptopay is a revolution for Bitcoin users. This platform offers its custo...
Mycelium
MyCelium is an application for Mobile that offers many possibilities of security and confidentiality...
Mobi
Are you someone who makes international payments regularly using Bitcoin? Or do you travel a lot and...
Bitcoin.com
Bitcoin.com is a free downloadable Bitcoin wallet that allows users to trade and receive Bitcoins. T...
BTC.com
Created by Bitmain in 2016, BTC.com is a leading open-source Bitcoin and Bitcoin Cash storage platfo...
Cryptopay.me
Updated, Apr 04, 2020 Cryptopay is a revolution for Bitcoin users. This platform offers its custo...
Mycelium
MyCelium is an application for Mobile that offers many possibilities of security and confidentiality...
COMMENTS (0)