Bitcoin is clearly not a tool for criminals. It lacks privacy and anonymity features to make it efficient enough. Moreover, it is unsuited for converting large amounts of proceeds to more convenient currencies. Even so, a group of four criminals was recently arrested for running a fake ID operation linked to Bitcoin.
Selling illegal goods and services on the internet has become a lot more convenient lately. Using the darknet, is easy to both buy and sell a wide variety of information. In a lot of cases, one can find ID information as well, which can be used for other criminal activities. A group of four people has been incited by an Ohio federal grand jury for running an illicit fake ID operation. This group made nearly $5m in profits from doing so.
Bitcoin Gets Even More Criminals Arrested
What makes this story remarkable is how all of the proceeds were collected in Bitcoin. The world’s leading cryptocurrency has been of great appeal to criminals all over the world. It is the only global form of money that exists outside the purview of banks and governments. Despite the lack of privacy and anonymity, criminals often think they can get away scot-free using Bitcoin. That is not the case whatsoever, as this recent indictment has confirmed yet again.
These four individuals not only make fake IDs, but they also possess the necessary equipment to do so. It is unclear how many IDs the group fabricated during their time of operations. The initial arrest took place in February when the agents confiscated Bitcoin wallets, computers gold, and silver bars in a Toledo home. It seems the group has been in operation since at least 2015.
For now, it remains unclear what will happen to the confiscated bitcoins. In previous cases, the government auctioned off this funds at a rather low price. Whether or not the same course of action will be taken, remains to be determined. It is another validation as to why Bitcoin should not be used for criminal activity. At the same time, it is perhaps good this continues to happen. Bitcoin activity effectively seems to lead to more arrests than before.
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