- A Bitcoin money launderer has pled guilty to laundering over $13 million in bitcoin
- Hugo Mejia ran his business for over two and a half years
- Mejia was undone by a sting operation where a police officer posed as a customer
A Bitcoin money launderer has pled guilty to more than $13 million worth of illegal activities involving the cryptocurrency following a long-running sting operation. Hugo Mejia, 49, from Ontario, admitted operating an unlicensed money transmitting business and money laundering which could land him up to 25 years in prison following a 10-month sting operation.
Bitcoin Money Launderer Washed Over $13 Million
Mejia began his illegal activities in May 2018, operating a business that exchanged bitcoin for cash and vice versa, taking a fee for his work. He established companies to mask his true activities, including Worldwide Secure Communications LLC, World Secure Data, and The HODL Group LLC. Needless to say, he never registered these businesses with the Financial Crimes Enforcement Network (FinCEN).
Mejia exchanged over $13 million worth of bitcoin/cash during a two-and-a-half-year operation that ran until he was arrested in September 2020. His business spread by word of mouth although incredibly he also placed online adverts, communicating via Telegram to arrange exchanges face to face.
Mejia Netted After 10-Month Sting Operation
The authorities got wind of Meija’s activities in early 2019 and decided to enact a sting operation. A law enforcement official acted as a customer, meeting Mejia on several occasions to exchange what amounted to over $250,000 worth of bitcoin for cash, including one transaction of $82,150 in cash plus fees for ₿14.27.
Bitcoin money launderer Mejia has now been forced to hand over all his ill-gotten gains, including $233,987 in cash, silver coins and bars, and approximately $95,587 in various forms of cryptocurrency.
