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An FBI investigation has uncovered a shadowy “cash-for-Bitcoin” scheme in New York City, where a group has been accused of laundering at least $30 million through a covert service aimed at helping crooks wash cryptocurrency they steal.that in New York City, a secretive group operated in the shadows running a sophisticated Bitcoin laundering ring. Their alleged operations were not the usual online transactions common in the cryptocurrency realm.
The cyber crooks avoided conventional online Bitcoin exchanges, which often collaborate with law enforcement agencies. They opted for a more underground approach, where large sums of money, often ranging between $100,000 and $300,000, changed hands in prearranged locations, facilitating the conversion of Bitcoin into cash away from the eyes of the law.
The FBI, in a detailed investigation, employed confidential sources and undercover agents to unearth the hidden operations of this group. The FBI began an investigation in April 2021 after discovering a vendor on several dark web marketplaces offering to ship cash via the U.S. Postal Service in exchange for cryptocurrency.
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