Tuesday, June 25, 2019

U.S. Law Enforcement Raids Tech Hub’s Office for Illegally Trading Cryptocurrencies

The Federal Bureau of Investigation (FBI) and Department of Homeland Security Agency (DHS) on December 21, raided Innovative technology hub, a nonprofit tech-science organization. This is because its founder, Chris Boden illegally traded cryptocurrencies from his office and ten days later, the U.S. law enforcement closed down the business.

Founder Reveals on YouTube Why His Business Was Closed Down

Chris Boden on YouTube on January 5 revealed why his business was closed down, but later the video was taken down. According to the founder, he had been trading virtual currencies illegally from his non-profit organization without any proper authorization. The place was later raided by the FBI and DHS who confiscated his computers, hard drives, and other accessories.

This seems not to be Chris’s only problem since he believes that he may likely end up in federal prison for his actions. Besides, he has made assumptions that at least $100,000 will be paid as legal fees to defend himself. However, there are no confirmations of the charges that will be levied against him. In the same vein, law enforcement has made no comments regarding the issue.

Remorseful After Trading Cryptocurrencies Without Approval

The founder has also made statements to show his remorse. According to him, his actions were not worth it. He admits that it is a stupid thing he did which has just cost him his company which was closed down due to illegal dealings. This is an organization that has been in operation since 1994.

Chris Boden on Facebook had said that he would be writing an official statement on Google Docs about the details of the event. He had also suggested that those who may be interested tune in live to see him write the statement. However, a few hours later, Chris said his lawyer advised him not to make any further comments.

In his own words;

On the advice of legal council I will not comment further on the Government’s ongoing investigation.

More Members of the Crypto Industry Face Legal Charges

More individuals are facing legal charges by authorities in different countries when it comes to the cryptocurrency industry. BTCNN reported a similar event on December 21 of Korean authorities indicting three reputable members of the cryptocurrency exchange, Upbit. These people were allegedly involved in creating fake orders and making fraudulent transactions on the platform.

The same can be said about Nistor Vlad Călin, Coinflux cryptocurrency exchange CEO who was recently extradited to the U.S. from Romania. The CEO is accused of being a part of a group of scammers who swindled US citizens of dollars which was then converted to Bitcoin of his exchange.

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