Texas Drug Ring Sentenced for Laundering $50K Monthly in Cryptocurrency

Six members of a Texas-based drug gang have been convicted for his or her function in a darkish internet drug operation that laundered as much as $50,000 in cryptocurrency every month. The group, working below the identify “Loverbois,” bought practically 20 kilos of meth. Between July 2019 and December 2020, they processed roughly 20 orders for medication each day. The sentences ranged from probation to 84 months in jail after a federal investigation dismantled the community.

Texas Darkish Net Drug Ring Convicted of Cryptocurrency Laundering

The U.S. Legal professional’s Workplace for the Southern District of Ohio introduced Tuesday the convictions of six folks concerned in an unlawful methamphetamine trafficking ring. The Texas-based group distributed practically 40 kilos of meth, disguised as Adderall tablets, and laundered drug proceeds utilizing cryptocurrency between July 2019 and December 2020.

“The defendants bought a complete of no less than 11.98 kilograms of methamphetamine in tablets and whitewashed between $15,000 and $50,000 per thirty days utilizing cryptocurrency,” courtroom paperwork revealed. The group operated below the provider identify ‘Loverbois’ and used cryptocurrency to launder their income, with a mean of 20 drug orders per day. “The courtroom paperwork reveal that Phung created and operated the Loverbois account(s) all through a lot of the conspiracy interval. He took on-line orders and bought tablets from Tran and Guzman.

Phung additionally coordinated the receipt of cryptocurrency in change for the tablets and laundered these proceeds.” John Dang, a key determine throughout the group, took care of the packaging and laundering. In response to courtroom data:

Dang packaged tablets for transport and supply and helped transfer and launder cryptocurrency. Dang laundered about $15,000 a month.

The sentences ranged from probation to 84 months in jail as a part of an Organized Crime Drug Enforcement Process Pressure (OCDETF) investigation. The multi-agency investigation, together with the FBI, DEA and the US Postal Inspection Service, aimed to dismantle drug trafficking and cash laundering networks.

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