Chronology of US Colorado Authorities Arresting Illegal Crypto Gambling Perpetrators

Todaysgist, News The United States (US) has again taken action against perpetrators of illegal acts related to cryptocurrency. The perpetrators’ method of using cryptocurrency to run illegal gambling businesses.

Quoting News.bitcoin.comSaturday (9/21/2024) The United States Attorney’s Office for the District of Colorado revealed that Jonathan Arvay, a 38-year-old Denver resident, was found to have conspired and run an illegal gambling business, involving a network of illegal gambling establishments throughout Colorado.

A federal jury has found Jonathan Arvay guilty on both charges.

During the trial, it was revealed that Arvay ran the Player One Arcade in Denver, one of several gambling establishments in cities from Greeley to Pueblo.

These gambling establishments are known to use electronic games designed to resemble arcade games and virtual slot machines, which allow customers to earn credits.

After completing their chosen game, patrons would exchange their winnings for a cryptocurrency called Obsidian Digital Asset Coin (ODAC), which was only intended to be exchanged for cash at ‘ATMs’ such as ATMs located next to or inside the gambling establishment,” the Colorado attorney general’s office said.

FBI Denver Special Agent in Charge Mark Michalek also revealed that the defendants’ gambling operation was extensive, and involved fraud and money laundering.

Acting U.S. Attorney Matt Kirsch called these gambling dens gambling dens with a “veneer of legitimacy.”

“Customers are required to pay a transaction fee to exchange ODAC for US currency,” he explained.

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