The keyword 'Bitcoin' has been trending on social media for some days now. However, it has less to do with the actual currency, and more about how a certain person uses it: Olalekan Jacob Ponle, aka Mr Woodbery, who’s in FBI custody for an alleged cybercrime scheme that they say is worth more than $50 million arrested alongside his friend, Hushpuppi.


FBI investigations, in their Criminal Complaint document, revealed that the alleged fraudster, who also uses the alias “Mark Kain,” made use of Bitcoin for his alleged crimes.

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The way he worked, according to the document, was that he’d hack a company, get them to transfer money into an account created by his money mules (an account bearing the name of the company’s existing supplier), and have the money mule transfer the money into his bitcoin account.

He used his Bitcoin wallet to make five purchases between September 2015 and November 2016 that were linked to the email account hustleandbustle@gmail.com, the document revealed.


He was nabbed when the FBI got an undercover agent to pose as a money mule, creating a bank account where Woodbery got a company to send some funds into ($5 million).

The document also showed that the FBI had access not only to his Bitcoin transaction history, or his text conversations with his money mules, but into all his WhatsApp too, and photos on iCloud (his passport was on it, his United Arab Emirates visa and Resident Identity Card).

It’s unclear if the FBI will be able to recover the funds, considering the way Bitcoin works, as opposed to a physical bank. This unconventional method of storing money has been used by criminals and scammers severally.


Colombian drug lord, Pablo Escobar didn't have the luxury of digital currency such as Bitcoin, instead, he converted his wealth into cash so as not to be traced if it was kept in a bank.

Was Woodberry wise to have converted stolen money into Bitcoin?

Big thief

Even if he go jail and come back, he money dey safe

As long as someone created it. It can be hacked. Even whatsapp unimpregnable status is a lie.

Holumhidey:
Even if he go jail and come back, he money dey safe

Lol you mean after like 20yrs in jail

what do you want to remember

FBI can track every bitcoin transfer and retrieve same from bitcoin exchanges in the US. There is nothing like Never Recover.

Smart guy

They will recover the money

They will recover the money after some beatings...baba go give out password to wallet.

we are talking of FBI, in as much as they know where the money is, brotherly they would trace and recover. FBI wey dey unlock iPhone. . And besides all most of those bitcoin platforms are American owned .. so on the long run they would tender those hidden data.. all American companies already swore their allegiance to there country... no matter how u take smart reach, the koko be say make FBI no reason your matter.. if not.. forget