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Bitcoin [BTC]: Officials crack down on massive BTC fraud in ‘largest pill seizure in the history of New Jersey’

Akash Anand



Bitcoin [BTC]: Officials crack down on massive BTC fraud in 'largest pill seizure in the history of New Jersey'
Source: Pixabay

Bitcoin [BTC] and other cryptocurrencies have been in the news because of positive developments as well as instances of fraudsters using the decentralized property of the digital assets to conduct nefarious activities. Latest reports revealed that the Manhattan District Attorney Cyrus R. Vance in association with the United States Secret Service, the US Homeland Security Investigations and the US Postal Inspection Service, arrested two individuals for laundering $2.3 million using Bitcoin.

In the official report, the District Attorney had said:

“When our office received reports of suspicious activity at ATMs in New York and New Jersey, our talented investigators followed the money, using our state-of-the-art Cyber Lab to uncover a dark web counterfeit pill seller whose $2.3 million operation spanned the U.S.”

The indicted members operated storefronts on the dark web that shipped and sold thousands of counterfeit prescription drugs like Xanax and others across the US states. The law enforcement agencies have aggressively reported that anyone involved in illegal activities, especially using cryptocurrencies, will be prosecuted under the mandate of the law. The release from the DA added:

“Not only is this the first time state prosecutors in New York have taken down a dark web storefront, this takedown represents the largest pill seizure in New Jersey’s history. If you are engaging in illicit activity on the dark web, you are on notice: we know how to find you, we know how to put you out of business, and we know how to hold you criminally accountable.”

The crackdown was another major achievement because it was the single largest quantity of pills seized in the state of New Jersey. The $2.3 million in question was collected as part of recharging debit cards and money withdrawn from ATMs across Manhattan and New Jersey.

This was not the first time that Bitcoin has been roped in a case involving illicit activities. Just two weeks back a Bitcoin fraudster in Canada was asked to forfeit $1/14 million that was obtained using activities on the dark web. Mathew Phan had used Bitcoin to fund his business of purchasing illicit items on the dark web such as firearms and pharmaceuticals.

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Bitcoin nirvana is happening right now, says Max Keiser




Bitcoin nirvana is happening right now, says Max Keiser

Bitcoin’s price pump affected the altcoins’ valuation on an optimistic note. The digital coins recovered significantly this year after losing nearly 80% to 90% valuation since the market crash in the first quarter of 2018. As Bitcoin [BTC] continued to trade between $7,600 and $8,300, prominent analysts in the field speculated that the king coin could potentially spiral down a bit more. However, Max Keiser, a Wall Street veteran and host of the Keiser Report, who is also a noted Bitcoin bull is of the opinion that “crypto spring is here”.

The broadcaster, in the latest edition of the Keiser Report, stated,

“It’s just bleeding right into our lives we can hear the lawnmowers outside in there getting ready for crypto summer and then crypto fantasia crypto parallel dimension and the Bitcoin nirvana it’s all happening, it’s all happening, right now.”

Keiser also noted that the global economy was undergoing “deglobalization” which steemed out of uncertainty and volatility and added that there “was no way to hedge against that”.

Stacy Herbert, one of the most influential women in blockchain and a host alongside Keiser contributed to the discussion. She said at a time when deglobalization has hit the economy, one would certainly go along with Bitcoin. According to the broadcasters, trade wars between China and the USA was currently intensifying Herbert; While recalling history, they also took note that the empires started falling during the period of deglobalization which was eventually followed by the two world wars.

Keiser had previously remarked that “Bitcoin is hard money” very similar to gold, and added that it is going to “respond well to hyperinflation and hyper-money printing”.

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