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- An illegal Bitcoin ATM operator has handed himself into police
- Robert Taylor helped criminals launder nearly $6 million in bitcoin via his anonymous Bitcoin ATM racket
- Taylor faces decades in jail for his actions
A Unique York man who operated an illegal Bitcoin ATM provider for over a three hundred and sixty five days used to be arrested final week after handing himself in to police. Robert Taylor, 35, operated 46 Bitcoin ATMs correct via Unique York Metropolis, Unique Jersey, and Miami per prosecutors, helping criminals launder over $5.6 million in bitcoin between 2017 and 2018 and taking a sever of every transaction. The Lengthy island District Attorney’s Space of enterprise charged Taylor with a pair of counts of Working an Unlicensed Money Transmission Trade, Felony Tax Fraud in the Third Level, and Offering a False Instrument for Submitting in the First Level.
Taylor Prided Himself on Anonymity
District Attorney Alvin L. Bragg, Jr. explained in a press release that Taylor “sold his provider per total anonymity of his prospects”, telling them that his machines had been the handiest ones that might perhaps well retain anonymity. The D.A.’s station of work alleges that Taylor’s trade model attracted prospects taking into account prison squawk, with Taylor establishing faux social media accounts and the use of burner phones to manufacture sure the squawk with his Bitcoin ATM ring didn’t come abet to him.
Prospects would pay “high dollar” for this anonymity, per the D.A., with Taylor taking a 10% sever for his efforts. Taylor ran this scheme between September 2017 and November 2018, generating bigger than $590,000 in costs from over $5.6 million in deposits to his machines, approximately $160,000 of which used to be deposited into his internal most bank accounts.
No matter this earnings, Taylor handiest claimed earnings of some $3,000 on his 2017 tax returns and a lack of $140,000 on his 2018 tax returns, among completely different false representations.
Police Investigation Led to Bitcoin ATM Seizures
Police bought wind of Taylor’s actions and conducted surveillance on, main to raids whereby they seized $250,000 in cash from his residence, along with 20 Bitcoin ATMs containing $44,000 in cash. In uncover to operate his provider, Taylor used to be speculated to register as a cash transmitter, which might perhaps well salvage integrated gaining a Unique York BitLicense.
Taylor faces decades in jail if chanced on responsible, even supposing it is doubtless he’ll lower a deal at the most though-provoking time.
