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A 35-year-old New York resident, Timothy Wadsworth, was sentenced to 51 months in prison on conspiracy and money laundering charges for laundering credit card fraud proceeds through Bitcoin, according to the U.S. Attorney’s Office for the Western District of New York.
The office said Wadsworth used credit card information obtained from accomplices to make unauthorized purchases, moved the stolen funds into Wadsworth’s bank account, then used part of the proceeds to buy BTC on Coinbase and send it to accomplices’ external wallet addresses. Between March and May 2020, Wadsworth attempted 310 unauthorized transactions worth about $1.67 million, of which 116 worth about $730,000 were successfully processed, it said.
The office added Wadsworth also fraudulently obtained COVID-19-related government relief loans and unemployment benefits and took part in a romance scam. Total losses tied to the crimes, including attempted fraud, were estimated at about $2.06 million. The court also ordered about $810,000 in restitution and forfeiture of the same amount.