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Arizona Resident Lands Up In Jail For Money Laundering In Bitcoins

Published: 03/08/2018
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What is it for?

A cryptocurrency trader from Arizona, who has a large "track record" of crimes related to weapons and drugs, was sentenced to imprisonment for money laundering in bitcoins, CCN reports.

 

The judgement was rendered against 54-year-old Thomas Costanzo, known under the pseudonym Morpheous Titania. The prison term is 3,5 years, and it started from the moment of his imprisonment in April 2017.

 

Last year, police officers arrested Costanzo and charged him with illegal business related to money transfer without a license as a bitcoin trader. The investigation revealed that the defendant was an active participant in the market, having committed over a hundred transactions in a few years.

 

 Thomas Costanzo

Thomas Costanzo (Photo: Maricopa County Sheriff's Office)

 

Costanzo was accused of laundering funds worth about $165,000 over the past two years, including a one-time transaction with bitcoins in the amount of $107,000 received from federal agents who acted as drug dealers. The criminal assured them that cryptos help to avoid persecution by law enforcement.

 

Moreover, as a part of the investigation, the prosecution party proved that Costanzo helped interested individuals to buy drugs via the Internet, using bitcoin as a means of payment.

 

In addition to the verdict, the court ruled to confiscate about 81 bitcoins ($107,000 at that time) transferred by the criminal to the federal agent, and the current rate of those bitcoins is over $600,000.

 

As previously reported, an American student was arrested and charged of stealing $5 million in BTC and other cryptos. 

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  1. LloydTheo:
    08/03/18 at 14:07

    So, one day this guy will come to us and say - hey, wanna buy something?)
    Just look at his face!

  2. Rebekka Simpson:
    08/06/18 at 10:44

    how many people have already put in jail ?