Transactions worth over $400 million were completed using the cryptocurrency.
The founder of the cryptocurrency mixer Bitcoin Fog has received a 12-year prison sentence for facilitating extensive money laundering activities from 2011 to 2021.
According to The Hacker News, the U.S. Department of Justice said Bitcoin Fog was used by criminals to conceal the origins of illicit funds and processed over 1.2 million bitcoins, valued at approximately $400 million at the time, with funds primarily sourced from darknet marketplaces associated with drug trafficking, cybercrime, identity theft, and child exploitation.
Roman Sterlingo has been ordered to forfeit over $395 million in assets and relinquish control over his Bitcoin Fog wallet, which holds 1,345 bitcoins - worth $103 million.
Written by
Dan Raywood
Senior Editor
SC Media UK
Dan Raywood is a B2B journalist with more than 20 years of experience, including covering cybersecurity for the past 16 years. He has extensively covered topics from Advanced Persistent Threats and nation-state hackers to major data breaches and regulatory changes.
He has spoken at events including 44CON, Infosecurity Europe, RANT Conference, BSides Scotland, Steelcon and ESET Security Days.
Outside work, Dan enjoys supporting Tottenham Hotspur, managing mischievous cats, and sampling craft beers.
