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Money Laundering using Bitcoin | The secret to pissing off the FBI!

FBI Speaks On The Cryptocurrency Sector

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The Federal Bureau of Investigations (FBI) has had the greatest difficulty in tracking down a Nigerian crook, and risks having even more difficulty recovering the stolen money. The perpetrator indeed used Bitcoin to convert and attempted to conceal scammed funds from American companies.

$ 17.5 million extorted

The Nigerian Olalekan Jacob Ponle, alias “Woodberry”, is said to be at the head of a network of scams which notably affected two companies in the United States.

A Chicago-based company lost $ 2.3 million, and another lost $ 15.3 million because of Ponle.

Arrested in Dubai (United Arab Emirates), the individual and 11 of his accomplices were extradited to the United States, where they are accused of attempted fraud.

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Olalekan Jacob Ponle – Image Source

Their scam consisted of sending phishing emails – where they pretended to be senior managers – to employees, who made transfers to them believing that they were obeying their managers.

Stolen money has been “locked” in Bitcoin

Where there is a big problem is that the FBI fears that it will not be able to get its hands on the millions hijacked. Indeed, a good part of these would have been converted into bitcoins (BTC), according to the Nigerian newspaper Daily Post:

“The preliminary blockchain analysis indicates that Ponle received at least 1,494.7 bitcoins linked to these corporate phishing schemes, for an approximate value of $ 6.6 million [note: it’s more like 13, $ 8 million over today].”

Ponle is the only person with access to the private keys of the wallet where these funds are stored. To recover them, you will have to count on his willingness to collaborate.

Bitcoin and cryptocurrencies allow you to have full possession of your money, without the intermediary of a bank. Even if the present case is a bad example not to follow – Ponle risks up to 20 years in prison – it recalls the total independence of cryptos vis-à-vis states and government agencies … despite themselves, despite us!


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