A Bitcoin (BTC) trader from the US state of Arizona has been sentenced to 41 months in federal prison after he was found guilty of money laundering, the Department of Justice said in a statement on Wednesday.
Thomas Mario Costanzo, 54, known online as Morpheus Titania, will get credit for the time he has already served since his arrest in April 2017.
At the end of March, Costanzo was was found guilty of five counts of money laundering by a federal jury in Phoenix. Federal agents launched an investigation into the suspect in 2014, after Costanzo posted on an exchange website, claiming he was prepared to engage in cash transactions of up to $50,000.
When approached by undercover federal agents posing as drug dealers, Costanzo “provided them with Bitcoin and told them it was a great way to limit their exposure to law enforcement”.
“The jury found that over a two-year period, Costanzo took $164,700 in cash from the agents (whom he believed to be heroin and cocaine traffickers) and exchanged it for Bitcoin ...
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