A 33-year-old Danish man was sentenced to four years and three months in prison after pleading guilty to charges of laundering Bitcoin. According to the verdict, the perpetrator bought Bitcoins from funds he received from identifiable criminal sources and sent it to unidentified offshore accounts. The Danish native admitted to laundering over 3 million Danish kronor or $500,000, a crime also known as “fencing”.

According to local investigators, a middleman was also convicted for notoriously hacking servers and computers to mine Bitcoin. The 33-year-old was reportedly exposed after local police found one of his bank accounts to be connected to a blackmail and extortion scam. The officials were quoted saying,

“We have the competence, and we are willing to prioritize resources to investigate even complex crimes committed online”

Recently, cyphertrace.com published a report for the third quarter of FY 2018, stating that around 97% of direct Bitcoin payments on unregulated crypto-exchange platforms were infused from sources involved in unlawful activities. The analysis further revealed that 380,155 Bitcoins which came into these exchanges between January 2009 and September 2018 were from malicious sources.

RAND Corporation had previously published a report in March, suggesting that certain features of present-day digital assets can be leveraged for financial activities by felonious actors. The research stressed that inconsistent regulation can potentially accelerate the utility of the cryptocurrency in the hands of nefarious organizations.

In a bid to establish an adequate structure to check money laundering and terror financing by virtual currencies, G20 central bank governors and finance ministers will participate in an event in Japan, according to the news portal, Kyodo.

The post Bitcoin [BTC]: Danish man sentenced to four years in prison for money laundering using Bitcoin appeared first on AMBCrypto.

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