The world of crypto-currency is no stranger to headline-grabbing crimes and investigations. In one of the biggest cryptocurrency-related cases to date, a Canadian duo, dubbed the “Bitcoin Bonnie and Clyde”, recently pleaded guilty to a massive billion dollar money-laundering scheme involving Bitcoin.
Prosecutors alleged that the couple, Kathleen Robinet and her husband, Pierre Michel Robinet, conducted illegal activities including drug trafficking, identity theft, fraudulent banking transactions and money laundering, to the tune of US$1,000,000,000 over a period of five years.
The couple, both reportedly wealthy businessmen, allegedly used the dark web and cryptocurrency exchanges to move hundreds of millions of dollars in illegal funds through Bitcoin and other digital currencies. In order to help mask the movements of their illicit funds, they allegedly used “mixers” and “tumblers” to obscure the trails of their money laundering activities.
The couple was arrested in 2019 when Canadian police conducted a complex cross-border investigation to track down the couple’s illegal activities. The Royal Canadian Mounted Police (RCMP) have alleged that the couple managed to produce staggering profits from their criminal activities, using the proceeds to purchase luxury items, including a fleet of high-end cars and at least two boats. The couple also had a portfolio of properties worth multiple millions of dollars.
In a plea deal done in March 2021, the couple agreed to plead guilty to money laundering and related charges. The sentencing process is currently underway, with both facing up to ten years in jail.
These guilty pleas come off the back of a long-running investigation into the burgeoning crypto-currency industry. The Canadian government has recently taken steps to clamp down on money laundering and illicit activities associated with digital currencies.
This case illustrates the potential dangers of cryptocurrency activities in the wrong hands. As the technology is expected to grow in the future, it is more important than ever that everyone involved in this industry takes responsibility for their own actions and complies with all laws and regulations. In addition, stronger security protections to prevent money laundering must be implemented to prevent similar cases from happening again.
