Bulgarian valet Rossen G. Iossifov wassentenced to 10 age in U.S. federal prison January 12for his role in a transnational scheme that stole jillion of one dollar bill from hundreds of Americans .
Before his precipitation , Iossifov be given RG Coins , a cryptocurrency exchange based out of Sofia , Bulgaria that self-assurance say frequently act as a vehicle to launder money for a criminal family known as the Alexandria Online Auction Fraud ( AOAF ) internet — a 20 - soul criminal offense gang based in Bucharest that stole from at least 900 Americans via online vendue fraud schemes .
The feds take Iossifov played a big character in these schemes , launder almost $ 5 million and making a personal profit of $ 184,000 in the appendage . His business sector practices were “ designed to both assist fraudsters ” and to “ shield himself from condemnable liability , ” the DOJ tell . As a result , Iossifov was convicted of “ conspiracy to commit a Racketeer Influenced and Corrupt Organizations Act ( RICO ) offense and conspiracy to charge money laundering . ” A total of 17 members of the AOAF offense ring have so far been convicted for their crimes .
The Department of Justice stands in the early hours of Friday morning, 21 February 2025 in Washington, DC.Photo: Photo by Drew Angerer (Getty Images)
This is definitely not the first ( or last ! ) deplorable conviction orb around cryptocurrency . A reputation from digital asset intelligence business firm CipherTracereleased last yearshowed that the shady side of the digital currency economy is booming — with fraud and other related criminal activities on the rise — and just today the President of the European Central Bank , Christine Lagarde , call for spherical ordinance of Bitcoin , condemn its association with “ totally criminal money laundering body process . ”
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