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Illegal $25 Million Bitcoin Business Lands Man in Jail

Illegal $25 Million Bitcoin Business Lands Man in Jail
  • A US man was found guilty of running an illegal crypto business worth $25 million.
  • The man, Kais Mohammad, will serve a 2-year sentence in jail.
  • Also, the man handed over several crypto assets including BTC and ETH coins.

An American man from Orange County southern California is in jail for illegally running a crypto business. The man, Kais Mohammad aka Superman29, will serve a 2-year sentence after being found guilty.

According to US officials, Mohammad was running an illegal Bitcoin ATM and other services. The illegal business allegedly processed up to $25 million, including funds from suspected criminals.

Apparently, Superman29’s business services included a Bitcoin-to-cash service, charging up to 25% commission. Also, Mohammad advertised his services online. As such, US authorities nabbed Mohammad through a sting operation.

In fact, undercover agents posed as prospective clients. The agents even disclosed to Mohammad that their funds were from illegal activities like prostitution and human trafficking. However, Superman29 chose to do business with them knowing the dark source of their funds.

As a result, authorities charged Mohammad in 2020 for money laundering, among other crimes, whereupon he pleaded guilty. Apart from the 2-year sentence, Mohammad also handed over 17 BTC ATMs, 18.5 BTC, 222.5 ETH, and US$22,820 in cash.

Meanwhile, the Biden administration is taking steps towards tightening crypto regulations. In fact, three federal bank regulators met in May to discuss crypto regulations. Also, the Biden administration seems full of crypto skeptics. This is because several authorities have flagged Bitcoin, in particular, as a risky asset.

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Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.