California Resident Charged For With Laundering $5.3m Of Drug Sales Using Bitcoin

On Friday, U.S. investigators charged California resident John Khuu withfor money laundering conspiracy and illegally importing banned drugs to sell for Bitcoin (BTC).

Khuu was detained in August 2022 after grand juries in Texas and California delivered the indictments in May and August, respectively.

According to one of the charges, in January 2020, Khuu created vendor accounts on dark web markets to sell counterfeit medicines and other banned drugs. Customers often purchased the drugs with Bitcoin, but the indictment claimed that other cryptocurrencies might have also been used.

Khuu reportedly used a network of financial institutions, including Bank of America, JPMorgan Chase, Citibank, and Wells Fargo, to launder the proceeds. According to the indictment, he opened several fraudulent accounts at these institutions.

The indictment details many transactions Khuu allegedly engaged in while attempting to convert bitcoin into cash. He reportedly engaged in slightly under 500 transactions worth around 620 BTC.

Khuu relinquished his right to a detention hearing, according to a separate Oct. 6 court filing.



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