#Cryptocurrency provider sentenced#

The U.S. Department of Justice recently sentenced Anurag Pramod Mulaka, an Indian national and international virtual currency provider, to 121 months in prison for conspiracy to commit money laundering. Mulaka used dark web advertising to solicit clients and facilitate illegal fund transfers using cryptocurrency, laundering over $20 million for criminals involved in hacking and drug trafficking. Mulaka’s money laundering operation functioned as follows: clients contacted him via encrypted messages, negotiated exchange rates, and sent cryptocurrency to designated addresses. Mulaka then used Indian hawala operations to deliver cash to U.S. employees who would package and mail the cash to clients. Mulaka charged fees for the service and used a portion to bribe employees and accomplices. He knowingly laundered money for clients engaged in criminal activities, providing them with convenience for their illegal activities. This sentencing demonstrates the U.S. government’s commitment to aggressively combatting money laundering using cryptocurrency, and underscores the responsibility of cryptocurrency trading platforms in anti-money laundering efforts.