Good or bad, it has to end. After a decade, US authorities have finally named and arrested the man responsible for the popular bitcoin fog.
Analysis of bitcoin transactions, financial records, ISP records, email records, and other investigative information indicates that ROMAN STERLINGOV is the principal operator of BITCOIN FOG.
What is a bitcoin mist?
The IRS describes Bitcoin Fog as an illegal service for sending bitcoins and money laundering. These services are often called tumblers or blenders.
Essentially, these services make it difficult to identify the data surrounding digital assets like bitcoin. The ability to hide the origin of Bitcoin addresses facilitates money laundering and its use for nefarious activities.
This capability is achieved through a process of grouping/mixing similar operations. The means of achieving this are complex, but the end result is that once a batch of transactions has been aggregated, it is no longer possible to associate a particular transaction with a particular sender address – and thus hide the participants in the transaction.
Bitcoin Fog describes the process as follows: Mix your bitcoins in our own pool with other users ….. Recovering money from other accounts in our mixed pool…. may remove any chance of tracing your payments and makes it impossible to prove a link between deposits and withdrawals within our service.
In connection with the aforementioned service and Sterligov’s actions in connection with his activities, the US authorities have brought a number of charges against him. These include the following,
- Money laundering
- Manager of an unlicensed money transfer business
- Transferring money without a licence
Amazingly, the IRS was able to track down Sterling using the same technology that the Secret Service was working with. This process is very extensive: The IRS has been analyzing blockchain data since 2011.
Since Bitcoin Fog has been active for most of the past decade, the value of digital assets passing through its mixer/tumbler is significant. The IRS says it was able to determine the amount of value through a thorough analysis of the blockchain, which yielded the following figures.
A complete wash of bitcoins? 1.2 million
Total value of Bitcoin? $336 million at the time of payment.
Sterling’s total pocket? $8 million (not counting the recent BTC rise).
Of this laundered money, nearly $80 million would be related to various other nefarious platforms, such as. B,
Over the years, a total of 51 similar services have been funded by Bitcoin Fog.
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