Famous crypto influencer Mark Hopkins, known under the alias Dr. Bitcoin, will spend from 6 to 15 months in federal prison in the U.S. state of Texas.

In 2019, law enforcement revealed that Hopkins converted between $0.5 million and $1.5 million in bitcoins belonging to Nigerian scammers.

Law enforcement searched Mark’s home and, in his words, forced him to confess to everything in exchange for dropping charges against family members.

In court, Dr. Bitcoin did not admit to running an illegal business of exchanging fiat currency for digital assets. However, he has no doubt that he will be convicted and expects to be sentenced to 6 to 15 months imprisonment.

Given the outcome of his criminal case, Hopkins concluded that it is a federal offense punishable by up to five years in prison to make peer-to-peer cryptocurrency transfers as part of a financial exchange transaction.

Under the U.S. Code, only a registered money transmitter is allowed to execute wire transfers. U.S. Financial Crimes Enforcement Network officials believe this provision of the law applies to virtual currencies. Accordingly, over-the-counter trading in digital assets between individuals is an effectively illegal activity.

https://altcoin.ng/dr-bitcoin-in-jail-for-transacting-bitcoin-with-nigerian-scammers/