Samourai Wallet founders face money laundering charges in US

Follow Us @

Samourai Wallet founders face money laundering charges in US
-Trending Marketing news, content marketing, latest Ways to rank your website, marketing discoveries, Local SEO, seo and social media marketing services. enjoy your stay on our website.

The founders of Bitcoin wallet Samourai Wallet have appeared in court in the United States to discuss the charges they face. Samourai is a cryptocurrency wallet that boasts privacy-preserving features.

The United States Department of Justice (DOJ) in April this year indicted Keonne Rodriguez and William Lonergan Hill, CEO and CTO of Samourai, respectively, for conspiracy to commit money laundering and operating an unlicensed money transmission service.

At a hearing held on September 17, Rodriguez’s lawyers requested changes to his bail conditions. These include removing house arrest and easing restrictions on cryptocurrency use. The defense argued that he would need to trade to cover legal costs. However, a judge in the Southern District of New York ruled in favor of prosecutors, denying the request due to flight risk.

Samourai developers are facing charges of facilitating $2 billion in illegal transactions. In addition, the DOJ accuses them of facilitating the laundering of $100 million in assets from underground marketplaces such as Silk Road and Hydra Market, according to the official statement.

Charges against Samourai Wallet executives

Samourai Wallet supported the use of CoinJoin, a tool that mixes Bitcoin transactions to obfuscate the origins and destinations of funds. The solution is similar to Tornado Cash, another service that has been embroiled in recent legal controversy.

The defense argues that it has not found sufficient evidence to substantiate allegations that Samourai operated an unregistered money transmitting business. Additionally, Hill’s attorneys noted that they recently received 8 terabytes of information — the equivalent of millions of files. This adds complexity to the case.

Samourai Wallet, a popular crypto privacy watchdog, aims to keep users anonymous without giving its founders direct control over transactions. The case raises important questions about the legality of tools that protect financial privacy, especially as authorities step up regulation of cryptocurrencies.

The decision to deny Rodriguez bail modifications has drawn attention from privacy advocates around the world. The future of cases like Samourai Wallet and Tornado Cash could define the boundaries between legitimate privacy and illicit activity in the crypto space.

Samourai Wallet founders face money laundering charges in US

Follow TODAYSGIST on Google News  and receive alerts for the main trending SEO news, Ai news, latest Ways to rank your website, marketing discoveries, Local SEO and lots more!

Samourai Wallet founders face money laundering charges in US

SHARE POST AND EARN REWARDS:

Did you like this post?!!! Join our Audience reward campaign and make money reading articles, shares, likes and comment >> Join reward Program

FIRST TIME REACTIONS:

Samourai Wallet founders face money laundering charges in US

Be the first to leave us a comment, down the comment section. click allow to follow this topic and get firsthand daily updates.

JOIN US ON OUR SOCIAL MEDIA: << FACEBOOK >> | << WHATSAPP >> | << TELEGRAM >> | << TWITTER >

Samourai Wallet founders face money laundering charges in US

#Samourai #Wallet #founders #face #money #laundering #charges