Connect with us

Search

News

Khuram Iqbal Jailed In the UK for Bitcoin Trading on the Dark Web

The 29-year old British national faces 16 months in prison for Bitcoin trading on the Dark Web.

khuram-iqbal

Khuram Iqbal, a 29-year old British national, has been jailed after trading cryptocurrencies on the dark web, a BBC report states.

Iqbal is facing 16 months in prison for his crime. However, this isn’t the first time he’ll be facing jail time at all. Iqbal was convicted for disseminating terrorist publications as well as possessing terrorist information including al-Qaeda’s Inspire Magazine.

For his crimes in 2014, he faced 3 years and 3 months of prison time, which saw him released in 2015, only to be imprisoned a year later.

His second arrest was due to breaching a 10-year notification order, during which he failed to tell the police about 2 cryptocurrency accounts he was in possession of and controlled.

He pleaded guilty to 4 breaches in total, between July and August of 2019. Iqbal made 392 transactions with £12,000 ($15,900) of deposited funds during the time period of November 10, 2017, and March 20, 2021.

Then, in January 2020, he made 3 Bitcoin transactions on the Dark Web which was subsequently used for selling stolen credit card credentials. Iqbal’s trading was done via an account he held on the cryptocurrency exchange Coinbase, the court heard.

Coinbase was reported to have made a suspicious activity report. While Iqbal told the authorities he was indeed trading cryptocurrencies, he denied doing so on the dark web. However, upon being confiscated, his mobile phone revealed applications that gave him access to the dark web.

Prosecutor Paul Jarvis stated, “The nature of cryptocurrency is that it is not traceable so the reality is he was in a position to operate two email addresses and two cryptocurrency accounts beneath the radar of police.”

As is evident from this case, cryptocurrencies are in fact traceable. Not counting Privacy Coins, traditional cryptocurrencies such as Bitcoin are pseudonymous, meaning that transactions made between wallets are clearly visible on the blockchain. Many firms like Chainalysis for instance, have built their entire businesses on the linking of wallets, with the objective of addressing criminals and criminal activity by way of tracking their crypto transactions.

The former director of the CIA, Michael Morell argued just earlier this year that “blockchain technology is a powerful but underutilized forensic tool for governments to identify illicit activity and bring criminals to justice.”

Meanwhile, the UK’s Financial Conduct Authority invested $670,000 just last month to train its staff on money laundering and terrorist financing risks presented by the crypto industry.

Advertisement

Trending Articles

Advertisement

TRENDING ARTICLES

News

This measure would specifically be applicable to businesses, not individuals.

News

The residents of Nashville, Tennessee have been bothered by a Bitcoin mining operation to the point of filing a lawsuit over noise complaints.

News

The European Parliament's Economics Committee is all set to vote on MiCA on the 14th of March.

News

Coinbase, the popular crypto exchange has stated that it has blocked 25,000 addresses that have all linked to some sort of illicit Russian activity.

Blockwatch is a news and information site on crypto, digital assets, NFTs, crypto investing, and the future of money. Blockwatch is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Blockwatch is an independent operating subsidiary of Ubiquitous, Inc, which invests in cryptocurrencies and blockchain startups.

Copyright © 2022 Blockwatch™ Media, Inc. Blockwatch™ Media is a Ubiquitous company. All rights reserved.