As per the latest reports, the authorities of the United States have finally arrested the mastermind behind a huge fraud. The authorities have revealed that the mastermind they have arrested was behind a Bitcoin (BTC) related fraud. The fraud was carried out through the service based on the darknet.
Further investigation into the matter has revealed that the mastermind was involved in the utility of a BTC mixing service. According to the case report from the American authorities, the name of the service the mastermind used was Bitcoin Fog.
The authorities have confirmed that they had to go through extensive blockchain data in order to find the underlying cause of the matter. The officials have revealed they had to go through 10 years’ worth of data on the blockchain networks.
While sharing the details around the recent operation resulting in a successful arrest, the US authorities also talked about other blockchain platforms. The authorities stated that every user involved in illegal activities through the blockchain platforms must think twice about what they are doing.
Anything they do or perform through the blockchain networks stays on the blockchain/ledger forever. There is no expiration for the data or a time limit after which it cannot be traced or accessed. The blockchain system is unique and the data on the blockchains can be accessed even after 100 years.
The authorities stated that they now have tools and services available on the blockchain networks to pinpoint a certain address. They can gather all the information they want using these tools and bring the culprits to justice. They stated that no one making illegal transactions through the blockchain channels is safe.
They can always be traced and can always be brought before the judge for a well-deserved punishment. Therefore, whatever the people do today can make a comeback like a nightmare and continue haunting them. If they are involved in any illicit transactions, they must stop doing it right away and hope they are not caught.
Bitcoin Fog is a tool that many Bitcoin (BTC) users have used in order to conceal and hide the origins and destinations of their Bitcoin (BTC). Roman Sterlingov, a Russian-Swedish citizen has now been arrested for using the Bitcoin Fog.
Sterlingov reportedly used the Bitcoin Fog tool and laundered around 1.2 million Bitcoin (BTC) almost a decade ago. At that time, 1.2 million Bitcoin (BTC) would translate to $336 million, and he did that being the administrator of Bitcoin Fog’s website.
The IRS has confirmed that they arrested Sterlingov from Los Angeles on April 27, 2021. He has admitted that he received between 2% and 2.5% commission for each transaction he performed for the users. Through the process, Sterlingov had reportedly made around $8 million.