Sex, Lies, and Crypto.

By Evan Ducktator on ALTCOIN MAGAZINE

A sex-traffic website used Crypto Capital for money laundering.

In March 2018, the U.S. Department of Justice accused several people in cooperation with a sex-traffic website named Backpage with a profit of $500 millions for the 14 years of its existence. Along with facilitating prostitution and money laundering the website was charged in hosting sex-trafficking ads with children.

Just in a month, the Backpage CEO Carl Ferrer confessed his guilt and agreed to collaborate with the authorities. During the investigation, it became clear that the Backpage used some well-known crypto platforms such as Coinbase, GoCoin, Paxful, and Kraken to launder its illegal revenue.

What is more, the government confiscated financial accounts belonged to Backpage owners. Some of these accounts held with Crypto Capital. The total dollar amount stored on these accounts consists of $500,000. By the way, at the same time, in April 2018, Polish authorities confiscated some Crypto Capital accounts due to an investigation against Colombian drug dealers.

One more nail in the Crypto Capital coffin emerged the previous week when DOJ announced charges filed against Reginald Fowler and Ravid Yosef. As the authorities proclaim, Fowler and Yosef created an illegal bank with millions of dollars transactions on several crypto exchanges. As the investigation revealed, Fowler had many Crypto Capital accounts with $345 million that was frozen during the investigation process.

At the moment this is the all the information known about Crypto Capital money laundering investigation. Every week the authorities reveal new information on this case. And it gets weirder. I will call it a day for now but come back with fresh news on this topic. Stay tuned!