New York Man Sentenced to 51 Months for Card Fraud Scheme That Funded Bitcoin Purchases
- —Wadsworth attempted 310 Stripe charges totaling $1,673,578; 116 succeeded for $730,728
- —Funds moved through HSBC and Evolve FCU accounts before reaching Coinbase
- —Judge Frank P. Geraci Jr. imposed 51 months and $810,965.19 in restitution
- —Combined actual and intended losses across his schemes reached about $2.06 million
Why it matters: The case illustrates how card-fraud proceeds are funneled into bitcoin, adding pressure on exchange KYC and monitoring controls.
Source: Bitcoin.com