Argentina’s First Bitcoin Seller Convicted of Money Laundering

The first cryptocurrency operator in the country was accused of laundering $ 468,400 for Mexican drug traffickers and was sentenced to 5 years in prison.

The man first convicted a cryptocurrency operator accused of laundering $ 468,400 for Mexican drug traffickers. He was sentenced to serve a 5-year prison sentence and a fine of eight times the amount of the operations. Together with two accomplices, they are accused of having stored almost two tons of cocaine in a warehouse in the Bahía Blanca industrial park in 2017.

The police verified that the defendant carried out the money laundering maneuvers through Bitcoin. The Oral Federal Criminal Court (TOF) of Bahía Blanca, made up of judges Pablo Ramiro Díaz Lacava, Pablo Esteban Larriera and Pablo Alejandro Candisano Meras, together with the request of the trial prosecutor, Gabriel González Da Silva, sentenced him along with others six suspects for drug trafficking offenses.

The defendant was recognized in the world of cryptocurrency enthusiasts. In fact, it had its own website, Coinstructor, where it offered services for the purchase and sale of cryptocurrencies. He was also dedicated to trading crypto assets from his profile on the Localbitcoins site. The platform is an open marketplaces where users can buy and sell Bitcoin in a P2P format (peer to peer, or person to person). It differs from traditional exchanges in that there are no intermediaries and the transactions are anonymous.

The defendant also traded F2F cryptocurrencies (face to face) using the cold wallet Safe. A Trezor is a hardware wallet that allows cryptocurrency transactions to be carried out over the internet, but without the need to use a computer or third-party services. The device stores the keys to carry out transactions.

González Charvay He accused García of having carried out “from an uncertain date but, at least, until June 18 of this year”, “determined actions by placing money belonging to the criminal organization of which the Mexicans are part” Max Rodríguez Córdova and Rodrigo Naged Ramírez -arrested in Puerto Madero-, the also Mexicans Jesús Madrigal Vargas and Gilbert Acevedo Villanueva, who were arrested in Bahía Blanca, in order for these amounts to “lose track and eventually enter the financial system with a legal appearance.” García, according to the accusation, received bitcoins accreditations and gave dollars “without requiring any receipt or proof of any kind” and without requiring identification, the Infobae portal explained.

For Billionaire Investor, “Bitcoin Doesn’t Make Much Sense”

Omega Advisors Chairman and CEO Lee Cooperman still doesn’t understand Bitcoin, according to himself, even though BTC is up more than 300% since early December 2017.

Speaking to CNBC, the billionaire investor alluded to people his age who have difficulty understanding Bitcoin, adding: “I would be very careful with Bitcoin; I don’t think it makes a lot of sense and if you are nervous about the world gold to me would be a better asset to store value“.

Cooperman’s statements are in line with his previous comments on Bitcoin. In December 2017, when BTC was in a bullish price trend, Cooperman expressed his confusion about the cryptocurrency.

The chairman of Omega Advisors also apparently cast doubt on whether Bitcoin could become a global currency.

“Has no sense”

In early 2021, Cooperman stated in an interview with Bloomberg: “Regarding NFT, bitcoin, things like that, I’m too old. I don’t understand those things, it’s crazy to me, it doesn’t make sense. I’m a meat and potatoes guy, a man of stocks. ”

The chairman of Omega Advisors also apparently cast doubt on whether Bitcoin could become a global currency stating that it was not in the interest of the United States to promote an alternative to the US dollar.

On September 7, El Salvador officially became the first nation to adopt Bitcoin as legal tender. Some market commentators say that other Central American nations may be incentivized to follow El Salvador’s example if the move produces significant economic benefits.

Cooperman’s argument that gold is a better store of value over Bitcoin is one that also works against their respective returns over the past decade.

While Bitcoin has delivered over 300,000% returns in the last decade, 10-year gold returns recently turned negative. At the time of writing, the 10-year gold price-performance ratio is negative 3%.

As Cointelegraph previously reported, Bloomberg Intelligence analyst Mike McGlone has said that Bitcoin will replace gold.


Cooperman recommends investing in gold because he considers it to be a better store of value than Bitcoin

Does not take off

The Bitcoin has difficulty returning to $ 50,000 after the sharp fall that he starred in on Tuesday. After a day of high volatility, its technical aspect suggests that Tuesday’s collapse is nothing more than a healthy correction after the recent boom.

What was the cause of Tuesday’s correction? According to Alejandro Zala, Bitpanda’s country manager in Spain, at Cointelegraph assured that the behavior of Bitcoin, Ethereum and some altcoins was due to leverage.

According to Zala, last Tuesday was an unexpected day, since the market suffered sudden drops because many leveraged positions were liquidated, which “further amplified the price movement.”

Tuesday was a historic day for Bitcoin, as El Salvador made it legal tender, although the process got off to a bumpy start. Technological failures hampered its use as street protests by distrustful citizens broke out in the Central American country.

Tuesday’s trading frenzy caused US cryptocurrency platforms such as Kraken, Gemini and Coinbase to experience delays in some transactions. They all said their systems have already been restored.

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