US Drug Dealer Accused of Using BTC to Launder $5.3M

A Northern District of California jury has charged a local resident with using cryptocurrencies to launder more than $5.3 million in drug proceeds.

According to the US Department of Justice, a 27-year-old citizen and his accomplices distributed counterfeit prescription drugs and other drugs on the dark web, receiving payment in Bitcoin and other digital currencies.

In total, the defendant conducted more than hundreds of transactions in the amount of $5.3 million.

The Californian was arrested in August. He is now charged with conspiracy to launder money and smuggling controlled substances. He faces up to 20 years in prison on each count.