Click to Skip Ad
Closing in...
  1. Prime Day Deals
    11:01 Deals

    Check these early Prime Day deals with prices so low, it’s like Amazon made a mistak…

  2. Amazon Deals
    07:59 Deals

    10 deals you don’t want to miss on Sunday: Free $25 Amazon credit, $230 Windows 10 l…

  3. Mattress Topper Amazon
    14:44 Deals

    33,000 Amazon shoppers say this mattress topper deserves 5 stars – today it’s…

  4. Prime Day Deals
    10:03 Deals

    Prime Day starts Monday – but these amazing Prime Day deals start now

  5. Best Smart Home Devices 2021
    08:45 Deals

    10 smart home devices on Amazon you’ll wonder how you ever lived without

Lawyer for Alleged Silk Road founder concocts the best defense against money laundering charges

April 1st, 2014 at 9:15 PM
Silk Road Bitcoin Money Laundering Charges

Imagine how much easier life might have been for Breaking Bad’s Walter White if he could have laundered his meth money through Bitcoin instead of setting up a carwash as a cover business? Wired reports that attorney Joshua Dratel, who is representing the alleged founder of online drug den Silk Road, is arguing that his client couldn’t be guilty of money laundering because all of his alleged transgressions were done with Bitcoin, which the Internal Revenue Service recently said was not a currency.

“Both IRS and FinCEN have categorically declared that Bitcoins are not ‘funds,’” Dratel wrote in a recent memorandum to get money laundering charges against his client dismissed. “Thus, an essential element of §1956 – a ‘financial transaction’ – is absent because a necessary component thereof – either ‘funds’ or ‘monetary instruments’ – is lacking. Consequently, it is respectfully submitted that Count Four must be dismissed.”

Federal officials arrested alleged Silk Road founder Ross William Ulbricht last fall and charged him not just with money laundering but also with drug trafficking and computer hacking. In other words, even if Dratel’s clever defense gets his client off the hook for money laundering he’ll still need to find a way to get his other charges dismissed.

Popular News