Crypto exchange owner gets 10 years in prison for aiding scammers

Crypto exchange owner gets 10 years in prison for aiding scammers

Rossen Iossifov, the convicted owner of the RG Coins crypto exchange platform has been sentenced to 10 years imprisonment for money laundering.

As previously reported by Cointelegraph, a federal jury in Frankfort Kentucky found the Bulgarian national guilty of conspiracy to commit racketeering and money laundering back in Sep. 2020. The guilty verdict came after only a two-week trial period.

According to the United States Justice Department on Tuesday, Iossifov and other RG Coins principal actors participated in an elaborate money laundering conspiracy that defrauded at least 900 Americans to the tune of over $7 million.

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As part of the scam, Iossifov and other co-conspirators would advertise on major auction channels like Craigslist and eBay for non-existent luxury items. The funds from this operation were routinely routed via crypto payments to criminal organizations.

The Justice Department communique also revealed that Iossifov laundered money for the AOAF, a known cybercrime syndicate based in Eastern Europe. In total, Iossifov reportedly allowed

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