Bitcoin News Today: Privacy Coins' Anonymity Foiled: Prosecutors Trace $7.9M Dark Web Drug Laundering
- Manhattan prosecutors secured convictions in a $7.9M dark web drug case involving Bitcoin and Monero laundering by FireBunnyUSA (2019-2022). - The network shipped 10,000+ narcotics packages, using Monero's privacy features to obscure transactions before re-converting funds via exchanges. - Prosecutors highlighted $3.1M laundered via crypto exchanges and $2.4M converted to yuan overseas, underscoring blockchain's dual-edged role in crime and finance. - Monero's rising market cap ($6.1B) and 4.34% weekly g
Manhattan prosecutors have achieved convictions in a prominent dark web narcotics case, where a group funneled $7.9 million using cryptocurrencies such as
This case highlights both the benefits and risks of blockchain technology, which can support secure finance but also facilitate illegal schemes. Manhattan District Attorney’s Office investigators made 11 covert purchases, resulting in the capture of five suspects, including leader Nan Wu, who was sentenced to at least 6.5 years in prison. Prosecutors noted the operation’s complexity, with $3.1 million laundered via crypto exchanges and another $2.4 million transferred into Chinese yuan overseas, according to the report.
The increasing use of privacy coins like Monero has attracted fresh attention as their market influence grows. Monero (XMR) recently overtook
Andrew Fierman, who leads national security intelligence at Chainalysis, remarked that privacy coins are still a minor player in large-scale illegal finance. “The majority of criminal transactions continue to use mainstream cryptocurrencies like Bitcoin,” he explained, noting that privacy coins are difficult to convert to cash since major exchanges have removed them. The Manhattan prosecution reflects broader global patterns, such as Operation RapTor’s $200 million crypto confiscation and India’s crackdown on a Monero-based LSD ring.
The FireBunnyUSA verdict also points to the Federal Reserve’s expanding involvement in crypto regulation. Recent indications from the Fed about considering payment accounts for crypto businesses have caused market swings, with Bitcoin climbing to $112,000 as traders anticipate clearer rules, according to
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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