A 25-year-old resident of Los Angeles Kunal Kalra pleaded guilty to the provision of services for the implementation of money transfers without a license and laundering $25 million in cryptocurrency. According to a statement by the Ministry of Justice, the defendant faces a life sentence.
According to the investigation, from May 2015 to October 2017, Kalra managed a cryptocurrency exchange and carried operations to exchange Bitcoins for dollars without proper permission. The defendant also admitted that he owned a Bitcoin terminal, which allowed customers to cash Bitcoins without confirming their identity. The users of both services were darknet drug dealers and other criminals.
Kunal Kalra carried out the above transactions for an additional fee, knowing that he was laundering money obtained by criminal means. During the searches, law enforcement authorities seized $889,000 in cash, 54.3 BTC, and other cryptocurrencies from the accused. The final verdict in the Kunal Kalra case will be handed down by the Los Angeles federal court.