Home Monero An IRS agent pretended to be a crypto trader called ‘Mr. Coins’ in a $180,000 dark-web drug sting | Currency News | Financial and Business News

An IRS agent pretended to be a crypto trader called ‘Mr. Coins’ in a $180,000 dark-web drug sting | Currency News | Financial and Business News

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IRS office
IRS constructing in Washington, D.C.

  • An undercover IRS agent posed as a crypto dealer to trick a dark-web drug supplier into forking over $180,000.
  • In June, the agent put up a list providing to purchase bitcoin, attracting a bid from a person referred to as “Lucifallen21,” who has since been arrested.
  • Privateness-centric cryptocurrencies have spurred considerations that criminals might use them for illicit exercise.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

An undercover IRS agent posed as a crypto dealer to trick a dark-web drug supplier into forking over $180,000 to the company earlier than arresting him, based on a Forbes report.

The IRS agent, who took on the username “Mr. Cash,” constructed a status on crypto-for-dollars buying and selling website LocalCryptos. In June, Mr. Cash put up a list providing to purchase bitcoin at a premium in money by mail, shortly attracting a bid from a person referred to as “Lucifallen21.”

Lucifallen21 turned out to be an Indiana man named Chase Hite. In July, Hite was arrested, pending a trial.

Hite and Mr. Cash developed a relationship, throughout which Hite purchased 1000’s of {dollars} of bitcoin and monero in change for money – boxing clothing-wrapped bodily payments and mailing them to Mr. Cash. Later, Hite revealed that he was concerned in trafficking “drugs and opioids” in addition to cocaine on the darkish internet, based on court docket filings reviewed by Forbes.

IRS brokers had been capable of affirm Hite’s id once they requested the Postal Service to purposely marked considered one of his money shipments as misplaced. Hite fell into the lure, calling into the put up workplace with a quantity that was then linked to his title. Forensic evaluation was additionally capable of pull his fingerprints from the packages.

Privateness-centric cryptocurrencies like monero and zcash have spurred considerations that criminals might use their identity-hiding options to launder cash or visitors illicit substances. Nonetheless, most criminality completed with crypto makes use of bitcoin, analysts say.


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