The U.S. Department of Justice (DOJ) has indicted California-based John Khuu for allegedly laundering $5.4 million in proceeds from drug trafficking by using Bitcoin.
According to the charges, Khuu sold counterfeit pharmaceutical drugs and controlled substances on dark web markets. He received BTC as payment from customers for their purchases.
To convert the funds for fiat, Khuu and his accomplices created dozens of accounts with top U.S. banks including Citibank, Bank of America, and JPMorgan Chase.
The accused allegedly laundered more than $5.3 million worth of BTC over the period of his operation.
Khuu was arrested on Aug. 19, 2022, by the DOJ. He is currently facing a two count-charge for conspiracy in money laundering and unlawful importation of controlled substances. If proven guilty, he could risk spending up to 40 years in imprisonment.
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