A cryptocurrency technology company and three of its executives are suspected of operating unlicensed Bitcoin ATMs in the United States and profiting from victims of cryptocurrency fraud, the U.S. Secret Service announced late last week. was indicted for.
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simple facts
- The executives and their company, S&P Solutions, which operated in the U.S. as Bitcoin of America, were charged with money laundering, conspiracy and other charges related to operating 52 unlicensed virtual currency ATMs in Ohio. He has been indicted.
- An investigation conducted by the Secret Service's Cyber Fraud and Anti-Money Laundering Task Force revealed that the company misrepresented the nature of its business to Ohio regulators and operated virtual currency ATMs without a money transfer permit. Ta.
- The agency said scammers and robocallers took advantage of Bitcoin of America's lack of consumer protections and anti-money laundering protections and used their machines to launder money from victims across the United States. .
- A report from the U.S. Federal Bureau of Investigation's Miami office warned in October 2022 that crypto ATMs are emerging as a common method used by fraudsters to receive funds from victims. Data from American blockchain analysis firm Chainalysis revealed that at least US$67.5 million in funds were transferred from cryptocurrency ATMs to illegal crypto addresses in 2022.
- Bitcoin of America will earn an average 20% profit on the transfer of fraud victims' funds through its machines and will keep the fees even after being notified of the fraud.
- On March 1, search warrants were executed at the residences of S&P Solutions owner and founder Sonny Mehraban, manager Reza Mehraban, and company attorney and manager William Suriano, all three of whom were arrested. He was arrested and the investigation is still ongoing.
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