• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
Bitcoin seller gets jail time

Bitcoin Seller Gets a Year of Jail Time

Jeff Francis by Jeff Francis
5 years ago
in News, Bitcoin, Bitcoin Regulation, News teaser
0

A man from Pennsylvania has been sentenced to spending a year and a day in federal prison for selling $1.5 million in Bitcoin to undercover federal agents.


A person selling Bitcoin face-to-face with strangers may worry about being robbed by criminals. Such instances are becoming a bit more common as the acceptance and use of the cryptocurrency continues to go up. A man from Pennsylvania found himself in a tight situation by selling Bitcoin, but he didn’t find himself the target of a criminal assault. Instead, he found himself in legal hot water by selling the virtual currency to undercover federal agents, and now he’s going to jail for it.

Bitcoin seller going to jail

Crypto Seller Blues

The Bitcoin seller is Eldon Stone Ross, 24, and he was charged with conducting an unlicensed money transmitting business after being nabbed by federal authorities. Between January 2015 and November 2016, he made bitcoin-to-cash and cash-to-bitcoin transactions and did not report them.

All told, Ross sold $1.5 million of the daddy of cryptocurrencies to undercover federal agents. Back in October 2017, he admitted to selling $50,000 of cryptocurrency to Homeland Security agents.

The prosecution against Ross is something quite new. The assistant US Attorney who prosecuted the seller said, “We don’t see many of these casers. It’s the first I’ve done here.”

Heading to Club Fed

Ross was found guilty and was sentenced to a year and a day in federal prison. After that, he will have to serve three years of supervised release. Ross also has to surrender to the courts the $40,000 he made in commissions.

jail

The reason why Ross got into trouble was that he made no effort to get any identifying information from the undercover agents, not to mention being unlicensed. A point to consider is that financial institutions, including cryptocurrency exchanges like Coinbase, have to report transactions involving more than $10,000 in cash to the Department of the Treasury. This is done to combat extortion, money laundering, aid to terrorists, and other illegal activities.

Not helping Ross with his case was his previous legal woes. He had previously been convicted of trafficking heroin back in 2014 and was sentenced to 23 months in Chester County jail.

You can expect more cases like this to crop up as the federal government increasingly seeks to control and regulate cryptocurrencies. Selling tens of thousands of dollars in Bitcoin on a semi-regular basis without a license or doing due diligence will definitely get the attention of law enforcement. Quite a few states are also looking at cracking down on unlicensed Bitcoin sellers as well.

Do you think Ross was justly or unjustly punished for selling Bitcoin? Did The Man win this round? Let us know in the comments below.


Images courtesy of Pxhere and Bitcoinist archives.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Jeff Francis

Jeff Francis

Related Posts

Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

6 days ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

6 days ago
Bitcoin

Bitcoin Taker Buy Sell Ratio At Highest Since Feb, What Does It Mean?

6 days ago
Bitcoin

Bitcoin Shrimps Continue Aggressive Accumulation As Holdings Hit ATH

7 days ago
Bitcoin Bull

Bitcoin Bullish Signal: Exchange Netflow Registers Negative Spike

1 week ago
Bitcoin

Bitcoin “Buy The Dip” Mentality Disappears, Is Now Actually The Time To Buy?

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    3 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    3 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    4 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Sphere Financial Inc: Transforming the World of Finance...

    9 hours ago
  • As Whales’ accumulation of Ethereum (ETH) skyrockets...

    9 hours ago
  • Strategic Crypto Investments: 5 Coins to Watch in 2023

    9 hours ago
  • Ethereum (ETH) Holders Eye InQubeta (QUBE) Presale as...

    10 hours ago
  • Why InQubeta’s (QUBE) Innovative Technology Could...

    15 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.