The latest cryptocurrency news show that there is a man who created his own Bitcoin ATM in order to trick users and take away their information. The DIY Bitcoin ATM launderer has pleaded guilty of money laundering and other related crimes. Named Kunal Kalra, he is a resident of Westwood, California who is now examined by the court.
As the news show, the DIY Bitcoin ATM launderer used his machine as well as other means to clean more than $25 million between 2015 and 2017. The court documents also reveal that Kalra exchanged Bitcoin for cash with a range of criminals – some of which including dark net drug dealers.
One report featured on TheNextWeb, shows that the California-based Kalra goes by a few aliases which include “kumar”, “shecklemayne”, and “coinman”. The DIY Bitcoin ATM launderer pleads guilty and as the court documents show, his high value cash for Bitcoin trades constituted the operation of an unlicensed money transmitting business.
Many best cryptocurrency news sites report about Kalra who is now thought of only accepting transactions of more than $5,000. However, he would ask few, if any, questions about where the money had come from. The news state that this DIY Bitcoin ATM launderer was most active between May 2015 and October 2017.
His private clients enjoyed many privileges – one of which was the high value cash for Bitcoin trades with scant background checks. The court knows this because during one of the many traps that Kalra has fallen into – he was told that the money was involved in drug trafficking. This is how an undercover agent in 2017 asked to exchange $400,000 of drug money into Bitcoin – and the DIY Bitcoin ATM launderer agreed to the deal.
Kalra has yet to be sentenced but may face up to a maximum of a life sentence in prison. As part of his operation, he is thought to have used bank accounts in other people’s names and some of them were fake business accounts. The court documents show that $889,000 in cash and 54.3 Bitcoin have been seized from the DIY Bitcoin ATM launderer – as well as many other crypto assets as the altcoin news show.
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“Therefore, these should be registered with the Commission and necessary disclosures need to be made for the protection of the investing public," the draft notes.In February this year, CEZA announced a new set of rules governing digital asset token offerings, designed to regulate the industry and protect investors against acquisition of utility and security tokens.
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“Treasury is taking action against North Korean hacking groups that have been perpetrating cyber attacks to support illicit weapon and missile programs. [...] We will continue to enforce existing U.S. and UN sanctions against North Korea and work with the international community to improve cybersecurity of financial networks.”In August this year, many best cryptocurrency news sites talked about the US Treasury and its attempts to sanction hacker groups. The news also reported that the United Nations claimed that North Korea had netted around $2 billion by hacking banks and cryptocurrency exchanges. The UN Security Council North Korea Sanctions Committee also came up with a statement, saying that these hackers formed an essential part of the government's funding, reporting the following:
“Democratic People’s Republic of Korea cyber actors, many operating under the direction of the Reconnaissance General Bureau, raise money for its WMD (weapons of mass destruction) programs, with total proceeds to date estimated at up to two billion US dollars.”On September 1 this year, we also reported that the North Korea official state media denied allegations of massive theft by North Korean agents. The KCNA cited a statement from the National Coordination Committee of the DRPK which accused the US and other hostile forces of spreading slanderous rumors. The statement read:
“Such a fabrication by the hostile forces is nothing but a sort of a nasty game aimed at tarnishing the image of our Republic and finding justification for sanctions and pressure campaign against the DPRK.”The statement also added that the UN is "re-enacting the same old trick as the fascist propagandists of Hitler used to use."
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