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Roman Sterlingov, the founder of Bitcoin Fog, a prominent cryptocurrency mixer, faced a federal jury in Washington on Tuesday and was found guilty of facilitating the laundering of over 1.2 million bitcoins (BTC).
This substantial amount, valued at approximately $860 million in today’s market, was linked to transactions associated with darknet marketplaces.
Legal Proceedings and Conviction
Roman Sterlingov, aged 35 and holding dual Russian-Swiss citizenship, was apprehended at Los Angeles International Airport in April 2021.
He was subsequently charged with money laundering, operating an unlicensed money-transmitting business, and conducting money-transmit without proper licensing. Further charges of conspiring to launder money were added following his arrest.
Throughout his custody and subsequent trial, Sterlingov and his legal team vehemently denied allegations of operating or profiting from Bitcoin Fog, although he confessed to utilizing the service himself. Despite his assertions of innocence, jurors unanimously convicted Sterlingov on all four counts after a month-long trial.
Ramifications and Legal Precedent
Sterlingov's conviction underscores the ongoing efforts of authorities in the United States and Europe to clamp down on illicit cryptocurrency transactions.
Notably, two other individuals associated with cryptocurrency mixing services – Larry Harmon, former CEO of bitcoin mixer Helix, and Ilya Lichtenstein, who, along with his wife Heather “Razzlekhan” Morgan, laundered $3.6 billion in bitcoins from the 2016 Bitfinex hack – provided testimony against Sterlingov during his trial.
According to Coin Desk, Lichtenstein pleaded guilty in August of the previous year and is awaiting sentencing, while Harmon pleaded guilty in 2021, agreeing to forfeit over 4,400 bitcoins and pay a fine of $60 million.
A Coin Telegraph report states the jury has approved the forfeiture of assets confiscated from the crypto mixer. These assets comprise 1,354 BTC held in a Bitcoin Fog wallet and nearly $350,000 in various cryptocurrencies held in a seized Kraken account.
The verdict in Sterlingov's case will likely influence the forthcoming trials of Tornado Cash developers Alexey Pertsev and Roman Storm, scheduled for this year in the Netherlands and the United States, respectively.
Sentencing and Future Implications
Roman Sterlingov's sentencing is scheduled for July 15, where he faces a potential maximum sentence of 20 years in prison for the most serious charge of money laundering.
This significant legal outcome serves as a reminder of the escalating enforcement efforts targeting illicit activities within the cryptocurrency ecosystem.
Photo: Matthew Ansley / Unsplash
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