Furthermore, Iossifov set up a large-scale scheme for online auction fraud in which 900 Americans became victims.
Based on the evidence presented during the trial and sentencing hearing, Iossifov laundered around $5 million worth of cryptocurrency, in favor of four scammers. Furthermore, Iossifov defrauded over $7 million from his 900 American victims. He profited $184,000 from the transactions.
Moreover, the DOJ detailed, “The conspiracy engaged in a complicated money laundering scheme wherein domestic associates would accept victim funds, convert these funds to cryptocurrency, and transfer proceeds in the form of cryptocurrency to foreign-based money launderers.”
“Iossifov also allowed his criminal clients to conduct cryptocurrency exchanges for cash without requiring any identification or documentation to show the source of funds, despite his representations to the contrary to the major bitcoin exchanges that supported his business,” according to the Justice Department.
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