According to a ChainCatcher report citing DL News, a South Korean "00s generation" drug trafficker who used cryptocurrency to launder money and conduct drug transactions has been sentenced to 20 years in prison and fined $4.2 million by Ulsan District Court. Three of his accomplices received sentences ranging from 30 months to three years. The court found that the drug trafficker operated multiple drug-selling channels via the Telegram messaging app since March 2020, primarily trafficking drugs smuggled from Vietnam. The group used international courier services to smuggle the drugs and distributed them using the "dead drop" method (hiding drugs in public places and notifying buyers to retrieve them). Payments for the transactions and distribution commissions were all conducted using Bitcoin and other cryptocurrencies, and the group also used Bitcoin to launder drug proceeds. The total amount involved in the case is estimated at around $4 million.
South Korean '00s' Drug Lord Sentenced to 20 Years for $4M Bitcoin Money Laundering
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Summary
A South Korean "00s" drug lord was sentenced to 20 years in prison and fined $4.2 million for laundering $4 million in drug proceeds through Bitcoin, according to ChainCatcher. The individual operated drug sales via Telegram starting in March 2020, smuggling drugs from Vietnam and using international couriers and dead drops. The case highlights the importance of AML (Anti-Money Laundering) measures in tracking illicit activities involving cryptocurrency. The suspect used Bitcoin for commissions and payments, drawing attention amid ongoing debates over the approval of a Bitcoin ETF.
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