Is a $30 million cash-for-bitcoin laundering ring operating in New York?

President Biden Responds 404 Media (working with Court Watch) reports on a $30 Million cash-for-Bitcoin laundering ring operating in the heart of New York For years, a gang operating in New York allegedly offered a cash-for-Bitcoin service that generated at least $30 million, with men standing on street corners with plast...

Did a New York gang offer a cash-for-bitcoin service?

For years, a gang operating in New York allegedly offered a cash-for-Bitcoin service that generated at least $30 million, with men standing on street corners with plastic shopping bags full of money, drive-by pickups, and hundreds of thousands of dollars laid out on tables, according to court records .

How does money laundering work?

Often the participants used a token system, where they would send one another the serial number of a specific bank note beforehand, and then flash that note on arrival to verify they have met with the right person, a common tactic in money laundering circles. A selection of images from the court records. Image: 404 Media.