Roman Sterlingov, 35, operated Bitcoin Fog, a service that was used by cybercriminals of various flavors to hide their digital tracks when using cryptocurrency as part of their illicit activities.
Bitcoin Fog was in operation between October 2011 and April 2021 before authorities nabbed the Russian-Swede and took the service down. Over the course of its lifespan, authorities say it laundered"well over" 1.2 million Bitcoin tokens, which at their respective values across that timeline amounted to around $400 million in total.who purchased illicit goods such as drugs and stolen digital assets.
"Our team of agents, analysts, and prosecutors were relentless in their pursuit of justice, painstakingly tracing Bitcoin through the blockchain to hold Sterlingov and his Bitcoin Fog enterprise to account. Today, a jury returned guilty verdicts on all counts – showing that no matter where you operate, if your cryptocurrency service reaches the United States, you must abide by US law."
After being adopted by cybercriminals, law enforcement quickly became effective at tracing the owners of Bitcoin tokens through analysis of blockchain transactions. "Additionally, coin mixers can provide an added layer of protection against hacking and theft, as coin mixers make it difficult for attackers to determine the source of a particular cryptocurrency wallet."
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