'Criminals cannot hide behind technology to break the law,' a U.S. attorney stated.

One of the individuals involved in moderating content on the now-defunct AlphaBay darknet market will be in jail until 2031. Twenty-six-year-old Bryan Connor Herrell was sentenced to 11 years in prison. He conspired to engage in a racketeer-influenced corrupt organization. This was for his role as a moderator on AlphaBay. This was according to a Sept. 1 statement from the U.S. Department of Justice.

AlphaBay was one of the largest online marketplaces for drugs as well as guns. It also had credit card data and other illegal items paid for with cryptocurrency. U.S. Attorney McGregor W. Scott said that the sentence served as further proof that criminals cannot hide behind technology to break the law. Bryan went by usernames "Botah" and "Penissmith." He was paid in Bitcoin (BTC) to handle more than 20,000 disputes between vendors and buyers on AlphaBay. He was also a "scam watcher." He monitored the marketplace for attempts to defraud users.

The moderator was initially charged for his role with AlphaBay in June 2019. He pleaded guilty in January. In May, his sentencing was supposed to take place. But it was delayed until recently. This was presumably due to restrictions caused by the current pandemic. AlphaBay was one of the largest online black markets before U.S. authorities shut it down in July 2017. The site operated for almost three years and had more than 400,000 users at its demise. 

The founder and operator of the site are Alexandre Cazes. He was indicted in the United States and taken into custody by the Royal Thai Police. This was because he resided in BanBut the time. But, Cazes was later found dead in his Thailand jail cell. He is suspected of having committed suicide.

People associated with the darknet marketplace continue to face prosecution. This is based on data recovered from Cazes' laptop and its servers seized in Canada. Two Costa Ricans were charged in August for selling $270 million worth of drugs on Silk Road and AlphaBay. 

Cryptocurrency-related crimes during the first half of 2020 have been massive. It is a risk cryptocurrency face. They have already accounted for $1.4 billion worth in thefts, hack, and fraud.

Disclaimer

The information provided through the above Content is for informational purposes only. The Content is not intended to be, and does not, constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. We do not make any guarantee or other promise as to any results that may be obtained using our Content. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice, and/or recommendations prove to be inaccurate, incomplete, or unreliable or result in any investment or other losses.

Crypto Business World

CBW - External Analyst

INDIA