Today, a Southern California court is considering the case of a US citizen who, under the pseudonym Bitcoin Maven, carried out unregulated cashing out of Bitcoin coins. Income from illegal activities amounted to US$300,000 per year.
Theresa Tetley, 50, previously pleaded guilty to operating a cryptocurrency exchange business that did not meet state registration requirements and conducting financial transactions using drug proceeds.
U.S. District Judge Manuel Real is asking U.S. District Judge Manuel Real to sentence the defendant to 30 months in prison, while the defendant's attorney is seeking a reduction to 12 months. Federal prosecutors are also seeking an order for the forfeiture of 40 Bitcoin coins, $292,264, and 25 assorted gold bars that law enforcement seized from the defendant on March 30.
"Tetley's activities supported a black market financial system in Central California that exists outside of regulated banking," prosecutors wrote in the case file.
Between 2014 and 2017, Tetley operated a listing on localbitcoins.com, an online marketplace similar to eBay or Craigslist where visitors can buy and sell digital currency from each other friend.
Digital currency exists only on the Internet, it is created and controlled through software running on a decentralized network. While digital currency is not illegal in the United States and can be used for legitimate financial transactions, due to the anonymity that such currency provides, it is often used for illegal transactions such as drug sales.
U.S. prosecutors say Tetley exchanged approximately $9.5 million during her operation.
According to nbclosangeles
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