Former Microsoft software program engineer Volodymyr Kvashuk was convicted Tuesday in america District Courtroom in Seattle for stealing greater than $10 million in “forex saved worth”, akin to digital reward playing cards, from his employer. A part of his technique was to launder the stolen funds through the use of Bitcoin (BTC) mixing companies.
After a five-day trial, Kvashuk was convicted of 5 counts of wire fraud, six counts of cash laundering, two counts every of aggravated identification theft and submitting false tax studies, and one rely every of mail fraud, entry gadget fraud and entry to a protected pc.
As a part of his job, Kvashuk was licensed to check Microsoft’s on-line retail gross sales platform. Throughout that testing, he stole the digital worth after which resold it to be able to buy a lakefront dwelling price $1.6 million and a Tesla price $160,000.
He used a Bitcoin mixing service to cover the supply of the funds, racking up round $2.eight million in Bitcoin and claiming these funds have been items from kinfolk on false IRS tax kinds.
Kvashuk claims he was engaged on a particular venture to learn, not defraud, Microsoft.
In accordance with IRS Particular Agent Ryan L. Korner,
“Along with stealing from Microsoft, Volodymyr Kvashuk additionally stole from the federal government by concealing his fraudulent earnings and submitting false tax returns.
Kvashuk’s grand scheme was thwarted by the hard-work of IRS-CI’s Cyber Crimes Unit. Criminals who assume they will keep away from detection through the use of cryptocurrency and laundering by means of mixers are placed on discover…you’ll be caught and you’ll be held accountable.”
Kvashuk faces as much as 20 years in jail.
Disclaimer: Opinions expressed at The Day by day Hodl are usually not funding recommendation. Traders ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your individual threat, and any loses it’s possible you’ll incur are your accountability. The Day by day Hodl doesn’t advocate the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Day by day Hodl an funding advisor. Please observe that The Day by day Hodl participates in internet affiliate marketing.
Featured Picture: Shutterstock/Love Sea Journey