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On April 5, 2023, the United States Sentencing Commission announced amendments to the United States Sentencing Guidelines that will come in to effect on November 1, 2023. Below is a summary of those changes as it relates to just fraud cases.
Under proposed USSG 4C1.1, a client will receive a 2-level decrease to their offense level if
a)no criminal history points,
What is Bitcoin money laundering? Bitcoin money laundering is the process of using Bitcoin to conceal the origins of illegally obtained money. This can be done by transferring the Bitcoin to multiple accounts, mixing it with other Bitcoin, or using it to purchase goods or services. Some believe that Bitcoin transactions are anonymous. There are, however, transaction records that are stored in the blockchain and publicly visible. The FBI recently stated “Criminals always leave tracks, and …[this] is a reminder that the FBI has the tools to follow the digital trail, wherever it may lead” .
Bitcoin is definitely attractive to money launderers because it is a decentralized currency that is not subject to government regulation. This makes it difficult, but not impossible, to track and trace Bitcoin transactions. Additionally, Bitcoin is often used in online transactions, which makes it easy to conceal the identity of the sender and receiver.
There are a number of ways to launder money using Bitcoin. One common method is to use a mixer, which is a service that mixes Bitcoin from multiple sources together. This makes it difficult to trace the original source of the Bitcoin. Another method is to use a tumbler, which is a service that breaks up Bitcoin transactions into smaller pieces and then reassembles them. This makes it difficult to track the individual transactions.
We posed some questions about cryptocurrency using Bard (Google’s version of Chat GPT),
First we asked, WHAT IS CRYPTOCURRENCY?
Its response:
Georgia Criminal Defense Lawyers Blog