Two San Diego men admitted in federal court Monday to conspiring to launder dark-web proceeds through an unlicensed money- transmitting business that exchanged cryptocurrency for cash.
As part of their guilty pleas, Connor Brooke, 25, and Aidan Curry, 23, agreed to forfeit tens of thousands of dollars worth of cash, cryptocurrency and sophisticated high-end hardware, including computers, phones, hard drives and storage devices that they used to carry out their scheme.
Brooke and Curry committed the offenses while managing a San Diego- based business that sold Bitcoin for a premium, and always in cash, to the public, according to prosecutors.
People who buy or sell contraband via online black markets — collectively known as the dark web — conduct their transactions with cryptocurrency, such as Bitcoin, because it provides them with perceived anonymity.
As outlined in the plea agreements entered Monday before U.S. Magistrate Judge Michael Berg in San Diego federal court, Brooke and Curry conducted, controlled, managed, supervised, directed and owned all or part of a cryptocurrency-based money-transmitting business called BayCoins. Read More,,,