Crypto Worth $7 Million Seized From A Software Programmer

The Hamilton Police managed to seize crypto worth $7 million from a software programmer during a movie piracy setup crackdown as we are about to see in today’s latest cryptocurrency news.

According to the recent reports, the law enforcement officers in Hamilton, New Zealand successfully arrested a 31-year old programmer and movie pirate Jaron David McIvor and during his arrest, the police managed to seize crypto worth more than $7 million as well as $1.1 million in bank funds. The arrest came as a result of the investigation into the online movie piracy and McIvor’s residence didn’t have any stored wealth as the law enforcement found. He did, however, had a huge amount of money in his possessions and he also lived in a rental property that he shared with a relative who the police and US tax officials are looking for.

The police seized the funds under the Criminal Proceeds Recovery Act which enables the authorities to freeze the bank accounts of suspects provided under the suspicion that the suspect made a profit from criminal activities. In his case, McIvor committed money laundering by earning millions from movie piracy and he even helped create an illegal streaming website where he uploaded movies without permission. So far, McIvor denied all of the money laundering charges.

The police arrested him after the United States IRS tipped them saying that they received Suspicious Activity Reports on McIvor from PayPal. After going over the report carefully, the IRS tracker McIvor to New Zealand and he was not the only suspect in this case. However, he was the only person who was from New Zealand. Other individuals connected to the same case included people from Canada, the US, and Vietnam.

The records obtained by the police stated that McIvor earned more than $2 million by streaming pirated movies and he received the money from Stripe and PayPal accounts which were later transferred to his private bank account. He also reportedly earned the rest through crypto trading and the funds will likely be sold by the High Court’s order to make sure that they do not lose the value over time if cryptocurrencies drop in value.