[2018-02-28] British Man in Amsterdam Allegedly Laundered €11.5m in Bitcoin Drug

[NASdaq]

A UK man living in Amsterdam is facing up to five years in prison for allegedly helping people by exchanging fiat cash for bitcoin which was used to buy drugs. He supposedly started by growing cannabis himself but soon found the bitcoin business to be more profitable by itself. 

The British man is also suspected of growing cannabis plants as the Dutch police allegedly found plenty of plantations photo on his computer at his previous home. “He thought he had seen a gap in the market and jumped into it”, the Public Prosecutor said. “He started with a cannabis plantation, sold the harvest on the dark web and was paid in bitcoins. Soon he noticed that he no longer needed the weed to make a substantial turnover and a fine profit.”

More on : https://news.bitcoin.com/british-man-amsterdam-allegedly-laundered-e11-5m-bitcoin-drug-money/

[RamonBTC]

It slightly be associated as illegal activity connected to bitcoin but in reality it isn’t, it’s a crime started because of addiction and to sustain it they used cryptocurrency as an alternative currency other than fiat. In short it might sound bad to the community for some close minded banker enthusiast but for me, it was just a normal lives of criminals using any kinds of currency for they’re businesses.

[kueyen]

If anything, this sounds like a testament to how profitable cryptocurrencies can be. This guy started out selling weed, which I assume is profitable, but then switched to crypto because it was even more profitable. That' really funny to me.