Close Menu
  • Coins
    • Bitcoin
    • Ethereum
    • Altcoins
    • NFT
  • Blockchain
  • DeFi
  • Metaverse
  • Regulation
  • Other
    • Exchanges
    • ICO
    • GameFi
    • Mining
    • Legal
  • MarketCap
What's Hot

Ethereum whale wallets rise as Bitcoin whales decline — Is the altcoin rotation underway?

02/08/2025

The Node: JPM’s BTC Lending Play

02/08/2025

Regulators Handed the Crypto Industry a 5-Year Head Start. Can Wall Street Catch Up?

02/08/2025
Facebook X (Twitter) Instagram
  • Back to NBTC homepage
  • Privacy Policy
  • Contact
X (Twitter) Telegram Facebook LinkedIn RSS
NBTC News
  • Coins
    1. Bitcoin
    2. Ethereum
    3. Altcoins
    4. NFT
    5. View All

    Satoshi Will Dethrone Elon Musk as World’s Richest at This Bitcoin Price

    02/08/2025

    Coinbase’s $0.12 Million BTC Tweet Stuns Crypto Community: Details

    02/08/2025

    Two Bitcoin Whales Face Massive $190.61 Million Losses in Short Positions as BTC Climbs to New ATH of $122,838

    02/08/2025

    BTC Nearing Exhaustion or Gearing Up for $130K Next?

    02/08/2025

    Ethereum whale wallets rise as Bitcoin whales decline — Is the altcoin rotation underway?

    02/08/2025

    What Will Define the Next Decade?

    02/08/2025

    Ethereum Whale Activity Surges as Fresh Wallets Add $2.43B

    02/08/2025

    The Most Searched Cryptocurrencies of the Last Days Have Been Revealed! “Ethereum and These Five Altcoins Are at the Top!”

    02/08/2025

    The Sui Ecosystem’s Top 3 Altcoin Performers

    29/07/2025

    Floki Launches $69000 Guerrilla Marketing Challenge With FlokiUltras3

    28/07/2025

    Crypto Beast denies role in Altcoin (ALT) crash rug pull, blames snipers

    28/07/2025

    $1.6 Billion XRP Surge: Here’s What’s Unfolding

    28/07/2025

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    02/08/2025

    Labubus have succeeded in every way that NFTs have failed

    01/08/2025

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    31/07/2025

    NFT sales surge to $574 million in July, second-highest in 2025

    31/07/2025

    Ethereum whale wallets rise as Bitcoin whales decline — Is the altcoin rotation underway?

    02/08/2025

    The Node: JPM’s BTC Lending Play

    02/08/2025

    Regulators Handed the Crypto Industry a 5-Year Head Start. Can Wall Street Catch Up?

    02/08/2025

    Satoshi Will Dethrone Elon Musk as World’s Richest at This Bitcoin Price

    02/08/2025
  • Blockchain

    IONOS’ InternetX plans to tokenize 22M domains through Doma Protocol

    01/08/2025

    The Protocol of Agents: Web3’s MCP Potential

    01/08/2025

    EToro Plans to Tokenize U.S. Stocks on Ethereum in Blockchain Push

    01/08/2025

    Circle Wallet’s Strategic Leap for Web3 Developers

    01/08/2025

    Pyth Network brings Hong Kong stock prices onchain for global access

    01/08/2025
  • DeFi

    Strobe Finance Launches on Axelar Network to Power DeFi Capabilities, Cross-Chain Interoperability

    02/08/2025

    Chainlink introduces new pricing methodology for DEX-traded assets

    02/08/2025

    Why This DeFi Dip Might Be the Start of a Major Rotation?

    02/08/2025

    Lido cuts staff, Curve rethinks L2s

    02/08/2025

    Alchemy Pay Integrates into Solv Protocol to Bridge Fiat with Bitcoin DeFi

    02/08/2025
  • Metaverse

    Where Has the Metaverse Gone? Examining a Failed (and Costly) Trend

    01/08/2025

    From Metaverse to Machine Learning, Inside Meta’s $72 Billion AI Gamble

    31/07/2025

    AntVerse Integrates Terminus to Transform AI-Powered Metaverse with Web3 Payments

    25/07/2025

    The Sandbox Launches Largest LAND Auction Using GBM Protocol

    21/07/2025

    Elon Musk’s xAI Quietly Fixed Grok by Deleting a Line of Code

    09/07/2025
  • Regulation

    The Node: JPM’s BTC Lending Play

    02/08/2025

    Opendoor’s 500% surge signals return of meme stock mania

    02/08/2025

    Boom in RWA tokenization expected after passing of GENIUS Act — Aptos exec

    02/08/2025

    50% of non-investors don’t understand it well enough to buy

    02/08/2025

    JPMorgan Chase’s Plans for Charging Fintechs for Customer Account Data Raising Concerns With at Least One CFPB Official: Report

    02/08/2025
  • Other
    1. Exchanges
    2. ICO
    3. GameFi
    4. Mining
    5. Legal
    6. View All

    Sui DEX Momentum Teases Expansion Plans After Hitting $100 Million in Daily Volume

    31/07/2025

    $500,000,000 USDC Stun World’s Largest Crypto Exchange Amid Hourly Bloodbath

    31/07/2025

    Bithumb Temporarily Halts Celestia (TIA) Transactions!

    31/07/2025

    Coinbase in advanced talks to acquire India’s largest crypto exchange CoinDCX

    31/07/2025

    ICO for bitcoin yield farming chain Corn screams we’re so back

    22/01/2025

    Why 2025 Will See the Comeback of the ICO

    26/12/2024

    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

    01/08/2025

    This Game Lets You Relive the Ethereum Story Through Vitalik Buterin’s Eyes

    31/07/2025

    PEPE GAMES Integrates with GaFin to Power the Meme Gaming Hub

    30/07/2025

    A Pressure Group Forced Steam to Remove Adult Games. It’s Coming After Crypto Next

    30/07/2025

    Bitcoin Mining Profitability Last Month Hit Highest Level Since the Halving: JPMorgan

    01/08/2025

    Bitcoin mining faces surging power demands and record-low fees

    01/08/2025

    Auradine Shipped $73M Worth of Bitcoin Miners to MARA in H1 2025

    31/07/2025

    London Bitcoin Company Surpasses 1,000 Miners in North America

    31/07/2025

    Regulators Handed the Crypto Industry a 5-Year Head Start. Can Wall Street Catch Up?

    02/08/2025

    SEC takes crypto roundtables nationwide, opens with Aug. 4 stop in Berkeley

    02/08/2025

    Fed Governor Kugler to step down on August 8, giving Trump chance to name replacement

    02/08/2025

    The SEC launches new project to engage small crypto startups

    02/08/2025

    Ethereum whale wallets rise as Bitcoin whales decline — Is the altcoin rotation underway?

    02/08/2025

    The Node: JPM’s BTC Lending Play

    02/08/2025

    Regulators Handed the Crypto Industry a 5-Year Head Start. Can Wall Street Catch Up?

    02/08/2025

    Satoshi Will Dethrone Elon Musk as World’s Richest at This Bitcoin Price

    02/08/2025
  • MarketCap
NBTC News
Home»Legal»AML Bitcoin Creator Found Guilty In Pump-and-Dump Case Linked to ‘Casino Jack’
Legal

AML Bitcoin Creator Found Guilty In Pump-and-Dump Case Linked to ‘Casino Jack’

NBTCBy NBTC17/03/2025No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email


A federal jury in the Northern District of California on Wednesday convicted cryptocurrency entrepreneur Rowland Marcus Andrade of wire fraud and money laundering connected to the sale of a token called AML Bitcoin.

The charges stemmed from an initial coin offering Andrade conducted for AML Bitcoin in 2017 and 2018. Early court filings covered by CoinDesk alleged Andrade, a Texas resident, falsely told investors that AML Bitcoin tokens would ultimately be converted into actual AML Bitcoin tokens — a cryptocurrency that never launched and was named to resemble the popular Bitcoin token.

The conviction marks the conclusion of one of the first and longest-running crypto “pump-and-dump” cases to involve U.S. federal prosecutors.

The Department of Justice named famed D.C. lobbyist Jack Abramoff a co-conspirator and he pleaded guilty in 2020, paying more than $50,000 in disgorgement and interest. Abramoff is better known for his involvement in a federal corruption scandal that resulted in his imprisonment and was depicted in the film “Casino Jack.“

A statement released by the U.S. Department of Justice accused Andrade of diverting “more than $2 million in proceeds from the sale of AML Bitcoin” and using it on “personal expenses, including the purchase of two properties in Texas and two luxury automobiles.”

According to the statement, Andrade also falsely claimed that the Panama Canal Authority was close to permitting AML Bitcoin to be used for ships passing through the Panama Canal when no such agreement existed.

“Fraudsters often tout new and innovative technology in order to raise money from investors. But raising money through lies and misrepresentations is neither new nor innovative. It’s unlawful, plain and simple,” said Acting United States Attorney Patrick D. Robbins. “If you deceive investors to enrich yourself and spend their money on personal expenses, homes, and property, you will be held to account.”

Andrade is scheduled to be sentenced in July. According to the DOJ press release, “he faces a maximum penalty of 20 years in prison for the wire fraud count and 10 years in prison for the money laundering count, and forfeiture of all property that is traceable to his wire fraud and money laundering violations including property that Andrade bought in Texas.”

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
NBTC

Related Posts

Regulators Handed the Crypto Industry a 5-Year Head Start. Can Wall Street Catch Up?

02/08/2025

SEC takes crypto roundtables nationwide, opens with Aug. 4 stop in Berkeley

02/08/2025

Fed Governor Kugler to step down on August 8, giving Trump chance to name replacement

02/08/2025

The SEC launches new project to engage small crypto startups

02/08/2025
Add A Comment

Comments are closed.

Top Posts
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Your source for the serious news. This website is crafted specifically to for crazy and hot cryptonews. Visit our main page for more tons of news.

We're social. Connect with us:

Facebook X (Twitter) LinkedIn RSS
Top Insights

Ethereum whale wallets rise as Bitcoin whales decline — Is the altcoin rotation underway?

02/08/2025

The Node: JPM’s BTC Lending Play

02/08/2025

Regulators Handed the Crypto Industry a 5-Year Head Start. Can Wall Street Catch Up?

02/08/2025
Get Informed

Subscribe to Updates

Get the latest news from NBTC regarding crypto, blockchains and web3 related topics.

Type above and press Enter to search. Press Esc to cancel.