Former exchange owner sentenced to prison in the US for money laundering with crypto
The defendant bought bitcoins on official exchanges, laundered them, and resold them to drug dealers

04.03.2022 - 15:05
493
1 min
0
What’s new? The District Court of Michigan has sentenced Christopher Boden, the former owner of the exchange The Geek Group, to 30 months in prison and a $75 000 fine for laundering money through an illegal business. Boden and two of his associates bought cryptocurrency from licensed exchanges, laundered it, and then resold it to their customers, who included drug dealers.
Michigan District Court ruling
What are the details of the case? An undercover agent was infiltrated into The Geek Group during the investigation. Boden personally ordered the agent to collect $500 000 from the debtor and asked him to use violence if “necessary,” which was the basis for his arrest. During the hearing, the defendant admitted to “mixed” bitcoins to make them harder for money-laundering regulators to trace.
At trial, the former director of the exchange fully pleaded guilty to running an unlicensed business, money laundering, and tax evasion. Boden’s partners, Daniel Reynold DeJager and Leesa Beth Vogt also pleaded guilty and were sentenced to 10 months in prison and four years probation.
Useful material?
Market
The product will allow professional investors to track the price of the altcoin without having to hold it directly
Apr 18, 2025
Market
Previously, the PumpFun team launched their decentralized exchange to preserve liquidity in their ecosystem
Apr 17, 2025
Technologies
The company predicts that devices powerful enough to crack a 256-bit key could be available in the next 10 years
Apr 17, 2025
Mining
The collaboration aims to increase decentralization of the blockchain
Apr 15, 2025
Market
The feature will later be available to customers in Europe and Australia
Apr 15, 2025
Crypto regulations
The rule was passed toward the end of Joe Biden’s presidential term
Apr 11, 2025