A man from Massachusetts has been sentenced to six years in prison for exchanging cash for Bitcoin
$108,777.39
without government approval.
Trung Nguyen, who lived in Danvers, also has to give up $1.5 million and will be under supervision for three years after he leaves prison. The sentence was announced on May 22 by the US Attorney’s Office in Boston.
Nguyen ran a business under the name “National Vending” between 2017 and 2020. Although it appeared to be a vending machine company, it was actually a cash-to-Bitcoin service that was not registered with federal authorities, as required by law.
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To avoid being caught, Nguyen used methods he learned in an online course. He made up supplier names, kept the word “Bitcoin” out of his communications, and used the vending machine label to avoid suspicion.
People who used his service included scam victims and a drug dealer who sent him $250,000 in 2018 over ten separate transactions. The US Department of Justice said Nguyen moved more than $1 million into Bitcoin but never filed the required paperwork for large or suspicious transactions.
Nguyen usually met clients in person and accepted large amounts of cash. In 2023, he was charged after investigators met him while posing as customers. He accepted cash and sent Bitcoin in return, taking a fee of just over 5%.
On May 21, Brandon Karony, CEO of the cryptocurrency project SafeMoon, was found guilty and faced up to 45 years in prison. What happened? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
