Los Angeles Bitcoin terminal owner faces life sentence for laundering $ 25 million

UNITED STATES, WASHINGTON (OBSERVATORY) — 25-year-old resident of Los Angeles, Kunal Kalra pleaded guilty to the provision of services for the implementation of money transfers without a license and laundering $ 25 million in cryptocurrency. According to The Block, citing a statement by the Ministry of Justice, the defendant now faces life imprisonment.

According to the investigation, from May 2015 to October 2017, Kalra managed a cryptocurrency exchange and, without proper permission, conducted operations to exchange bitcoins for dollars. The defendant also admitted that he owned a bitcoin terminal, which allowed customers to cash bitcoins without confirming their identity. The users of both services were darknet drug dealers and other criminals.

Kunal Kalra carried out the above transactions for an additional fee, knowing that he was laundering money obtained by criminal means.

Among other things, Calra pleaded guilty to the spread of methamphetamine and the inability to maintain an effective anti-money laundering program.

During the searches, law enforcement authorities seized $ 889,000 in cash, 54.3 BTC, and other cryptocurrencies from the accused.

The final verdict in the Kunal Kalra case will be handed down by the Los Angeles federal court.

Recall that in May 2015, the founder and owner of the Silk Road store Ross Ulbricht was sentenced to life imprisonment for money laundering, drug trafficking on the Internet and cybercrime.


This article is written and prepared by our foreign editors writing for OBSERVATORY NEWS from different countries around the world – material edited and published by OBSERVATORY staff in our newsroom.

Our Standards, Terms of Use: Standard Terms And Conditions.

OBSERVATORY NEWS — Breaking news source, real-time coverage of the world’s events, life, politics, business, finance, economy, markets, war and conflict zones.

Contact us: [email protected]

Stay connected with News Observatory and Observatory Newsroom, also with our online services and never lost the breaking news stories happening around the world.

Support The OBSERVATORY from as little as $1 – it only takes a minute. Thank you.

We are NEWS OBSERVATORY — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes OBSERVATORY possible came from you.