Man faces 20-year sentence for laundering $380K in crypto scheme

A 24-year-old man from Gastonia, North Carolina, faces charges for allegedly laundering over $380,000 through a wire fraud scheme, with $240,000 transferred to cryptocurrency addresses. 

According to the U.S. Department of Justice (DOJ), Matias Alexander Vinces Aguayo was indicted for his involvement in a money laundering conspiracy, which could result in a 20-year prison sentence and significant fines.

The DOJ indictment claims that Aguayo conspired with others to launder fraudulent funds through financial platforms, including payment services such as Stripe and Square, as well as cryptocurrency exchanges like Binance.US. 

He is accused of running a company named Keys ‘N Go and using personal and business bank accounts for his operations. 

His co-conspirators allegedly opened bank accounts using stolen identities, deposited illicit funds, and sent the account information to Aguayo.

According to the indictment, Aguayo transferred over $240,000 through cryptocurrency addresses and wire transfers, keeping a portion of the funds as compensation for his role in the scheme. 

The DOJ added that the money laundering conspiracy charge carries a maximum sentence of 20 years in prison and a fine of up to $500,000 or double the value of the laundered property.

While Aguayo has not been convicted, the charges highlight the DOJ's ongoing efforts to combat illegal activities involving cryptocurrencies. 

The case underscores the growing use of digital currencies in fraudulent schemes and the potential legal consequences for those involved.

According to the DOJ, the investigation into Aguayo’s alleged role in the scheme is ongoing, with further details expected as the case progresses through the court system.