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Laundered Dirty Money with Crypto Money, Finally Caught

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A US citizen is accused of illegally converting $25m in cryptocurrency into cash.

Finance Magnates reported that a citizen in the United States ran a cryptocurrency exchange and made illegal transactions even though he did not have the necessary permissions.

Illegal Business
The 25-year-old, Kunal Kalra, ran a cryptocurrency exchange between May 2015 and October 2017, although he did not have the necessary documents.

Kalra is said to have converted cryptocurrencies such as Bitcoin into cash and cash into cryptocurrencies. According to officials, he was also involved in various illegal activities, such as co-operating with drug dealers.

Kalra, who mostly worked with criminals, converted money from his clients into cryptocurrency or cash. Kalra is thought to have received at least $5,000 in service charges from its customers for these services.

Finally Caught
According to us officials, Kalra has occasionally opened accounts under false names in order to carry out these illegal transactions.

Kalra also admitted that he operated a special Bitcoin ATM to make these transactions easier and convert cryptocurrencies into cash more easily.

Authorities confiscated $889,000 in cash from his bank account and some of his vehicles. In the process, 54 Bitcoins, which were also owned by him, worth a total of half a million dollars, were confiscated.

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