Security News > 2024 > March > Bitcoin Fog mixer operator convicted for laundering $400 million
Russian-Swedish national Roman Sterlingov was convicted by a federal jury in Washington, D.C., for operating Bitcoin Fog between 2011 and 2021.
Bitcoin Fog was one of the longest-running cryptocurrency "Tumblers" on the dark web, which cybercriminals from multiple darknet marketplaces used to launder their criminal proceeds.
Being one of the longest-running mixers in the darknet, Bitcoin Fog gained popularity and enjoyed significant traffic.
According to the U.S. Department of Justice announcement, Bitcoin Fog laundered approximately $400 million, a large portion of which is believed to be associated with various crimes.
"Over the course of its decade-long operation, Bitcoin Fog moved over 1.2 million bitcoin, which was valued at approximately $400 million at the time of the transactions," reads the U.S. DoJ announcement.
Sterlingov faces a maximum penalty of 20 years in prison for money laundering conspiracy and sting money laundering charges, along with up to five years for operating an unlicensed money-transmitting business and for money transmission without a license in the District of Columbia.