Rossen Iossifov, the convicted owner of the RG Coins crypto substitution platform, has been sentenced to 10 years imprisonment for money laundering.

Every bit previously reported by Cointelegraph, a federal jury in Frankfort, Kentucky found the Bulgarian national guilty of conspiracy to commit racketeering and money laundering back in September 2020. The guilty verdict came later merely a two-calendar week trial period.

According to the United States Justice Department on Tuesday, Iossifov and other RG Coins principal actors participated in an elaborate money laundering conspiracy that defrauded at least 900 Americans to the tune of over $7 one thousand thousand.

As office of the scam, Iossifov and other co-conspirators would advertise on major sale channels like Craigslist and eBay for nonexistent luxury items. The funds from this performance were routinely routed via crypto payments to criminal organizations.

The Justice Department communique likewise revealed that Iossifov laundered money for the AOAF, a known cybercrime syndicate based in Eastern Europe. In total, Iossifov reportedly allowed almost $v million in dingy coin to pass through the RG Coins platform in commutation for cryptocurrencies.

Despite assertions to the reverse, Iossifov's RG Coins platform based in Republic of bulgaria did non mandate whatever Know Your Client compliance. The convicted Bulgarian likewise reportedly earned $184,000 from the gain of these coin laundering transactions.

Of the 20 principal actors of the RG Coins money laundering scheme, 17 have and then far been bedevilled. Iossifov'south prison term is the longest of the seven people sentenced thus far. Authorities are still on the hunt for the 3 fugitives still at big.

Every bit a federal prisoner in the U.South., Iossifov will have to serve at least 85% of his 121-month prison sentence.

Iossifov is the latest crypto exchange operator to be jailed for money laundering. Back in Dec 2020, a French courtroom sentenced Alexander Vinnik to five years imprisonment for his role in the BTC-east coin laundering instance.