A man in California has agreed to plead guilty to operating an illegal bitcoin ATM network that exchanged up to $25 million, according to a U.S. Department of Justice announcement on Wednesday.
Kais Mohammad, 36, who goes by the digital moniker “Superman29,” was charged in the United States District Court on three counts: for operating an unlicensed money exchange business, for money laundering and for not being able to maintain an effective anti-money laundering program.
He purchased Bitcoin ATM-type kiosks which were placed in malls, gas stations and convenience stores in several California counties. These kiosks allowed customers to buy and sell Bitcoin in exchange for cash. Mohammad supplied the machines with cash that customers could withdraw and maintained the server software to keep the kiosks running
https://www.theblockcrypto.com/linked/72697/doj-california-bitcoin-atm
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We live in amazing times. To be honest, this is the first time I've heard about illegal Bitcoin ATMs. Now Muhammad can get 30 years in prison for illegal mass adoption.
I wonder what will happen to ATMs and what is their number, I hope the state will appropriate it and allow people to use them with reduced commissions.
For me my own opinion here is the made mistakes,He did not obey the Laws and he must be sentenced but this is too long,30 years?while in South Korea the Scammers that gain more than 200Million dolars and you can check it hereKais Mohammad, 36, who goes by the digital moniker “Superman29,” was charged in the United States District Court on three counts: for operating an unlicensed money exchange business, for money laundering and for not being able to maintain an effective anti-money laundering program.
He purchased Bitcoin ATM-type kiosks which were placed in malls, gas stations and convenience stores in several California counties. These kiosks allowed customers to buy and sell Bitcoin in exchange for cash. Mohammad supplied the machines with cash that customers could withdraw and maintained the server software to keep the kiosks running
https://www.theblockcrypto.com/linked/72697/doj-california-bitcoin-atm
----
We live in amazing times. To be honest, this is the first time I've heard about illegal Bitcoin ATMs. Now Muhammad can get 30 years in prison for illegal mass adoption.
I wonder what will happen to ATMs and what is their number, I hope the state will appropriate it and allow people to use them with reduced commissions.
Quote
A South Korean court has sentenced an unnamed 43-year-old man to two years and six months in prison for his participation in a $249 million crypto mining pyramid scheme.
According to Yonhap Lee Sang-wook, the judge at the Incheon District Court who made the announcement, the crypto mining pyramid scheme is still under investigation. The indicted was allegedly a secretary of the illegal company from May 1 to September 23, 2017. No details were given about the magnitude of his involvement, nor the specific cryptocurrency involved in the fraud.
Police said that he played an active role by sending fake statements to victims. Authorities stated that the company cheated people by promising them 60% of the profits generated by mining activities. It was later discovered that no such activities existed.
According to Yonhap Lee Sang-wook, the judge at the Incheon District Court who made the announcement, the crypto mining pyramid scheme is still under investigation. The indicted was allegedly a secretary of the illegal company from May 1 to September 23, 2017. No details were given about the magnitude of his involvement, nor the specific cryptocurrency involved in the fraud.
Police said that he played an active role by sending fake statements to victims. Authorities stated that the company cheated people by promising them 60% of the profits generated by mining activities. It was later discovered that no such activities existed.
https://cointelegraph.com/news/crypto-scammer-sentenced-by-south-korean-authorities
comparing the years of sentence and the amount involved?i believe that this is not fair.
Muhammad has capital while these scammers only lure and take money from people.