Stubhub Fraud Leads FBI To Bitcoin Laundering Scheme
On 3 May, FBI post regarding a ticket selling hub on their blog that resulted in the uncovering of a Bitcoin laundering scheme. Charges were made in March and the FBI selects to recount this successful and unique investigation.
According to the blog on their website, the starting of the end of a venture of an Ohio man leads FBI into the black world of cryptocurrencies that traces them back to the investigation linked with a 29 old person at a distance of 2,000 miles from California.
A person named Daniel Mercede living in Chagrin Falls uses the stolen credit card details for buying the event tickets from a ticket seller in the state of California. After that, he sells that ticket via different ticket vendor for a lesser price to gain a huge profit.
This person started their actions in 2014 and went on to use more than $ 420,000 from the information stolen from more than 40 victims. Using their identities, he applies for the loans that amount nearly $ 1.5 million. Things become tricky when an investigation led the FBI to Mercede. All the tickets delivered to the address of Mercede or his parents.
What FBI found?
As per the Detective Sergeant Andy Capwill of the Chagrin Falls Police Department, they got a great amount of material from their apartment that made him think there was some extraordinary going on here than just a simple fraud.
There were thousands of pages of evidence of money transfers, a digital currency trading and dozens of checking accounts founded in his home. Capwill further states that he realizes that I was going to require some assistance here as he had never heard of the bitcoin before this investigation.
According to the CoinDesk, the majority of the things was purchased from exchanges like Lake BTC and Bitstamp by Mercede. He further sold them over the counter to the regional clients.