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[AudraMiller]

One of the creators of a cryptocurrency exchange, by the name of Hugo Mejia, has been found guilty of laundering money through an illegal and unlicensed cryptocurrency exchange. As a penalty for his actions, he is facing 25 years in prison. According to the reports that have been released the exchange was used to launder over $13 million. The course of this operation was over two years. This certainly draws our attention to the type of exchanges that we may use in the cryptocurrency world and we must do the research to ensure that the site that we use is licensed and legitimate to avoid closures like this.

 

[Brain]

Humans are just too greedy, see the number of money that have been laundered already I'm sure it is others deposit in the illegal exchange. One needs to be careful online

 

[Balint098]

What's the name of the crypto exchange that he's operating. Wonder if the authority will also close down his exchange, tho maybe they should not, at least until the users there are warned about its closure.

 

[AudraMiller]

Humans are just too greedy, see the number of money that have been laundered already I'm sure it is others deposit in the illegal exchange. One needs to be careful online

It is very important to do research on the exchange before you make use of it to see how reliable it is. After all it is your money that you are investing and so you have to do your due diligence. I wonder if the users of this exchange can be held accountable for using a fraudulent system.

 

[Brain]

It is very important to do research on the exchange before you make use of it to see how reliable it is. After all it is your money that you are investing and so you have to do your due diligence. I wonder if the users of this exchange can be held accountable for using a fraudulent system.

I always advocate for security measures to be taken by both the users and the exchange site. It is the duty of everyone involved to be cautious about online involvement and investment

 

[Balint098]

Yep, if you lost your own password then that is entirely your own fault. Site owners ought to secure their sites and exchanges to minimize hackers threat tho.

 

[Niftyicon]

To be able to launder such a large amount, the exchange had to be unlicensed and it is a shame that some innocent individuals could be unaware of such detail.

 

[Brain]

Maybe there should be a rule against unlicensed exchange to be shut down whenever the spring up because there are always coming up with fraudulent activities

 

[AudraMiller]

Maybe there should be a rule against unlicensed exchange to be shut down whenever the spring up because there are always coming up with fraudulent activities

There are laws that forbid it, however since this is an unlicensed exchange it becomes a lot harder to try and track them down and to try and ensure that no more come up as well. So it is hard to take measures when you don't know about something that is happening.

 

[Wisdom01]

This is really bad i guess its best for you to make more research before investing on those exchange sites ,because most of themare actually scams i think

 

[BullyMaguire]

Well i think that's a good news, why didn't he get a license for his exchange if he's not trying to do something illegal right? It's not safe for everyone specially traders and investors.

 

[Josemendez]

This will serve as a warning to people who may be making similar plans to launder money through their cryptocurrency exchange site. This also promote security in cryptocurrency world

 

[achawaskey]

This is the reason why we should be careful with crypto exchange we are dealing with. I think that serves him right, I will also like his assets to be freeze or sold in order to refund his customers.

 

[Josemendez]

Yeah . Many people who may have similar agenda will resort to not executing it ,because they won't want to face the same ordeal as this dude is facing

 

[Wisdom01]

This is the reason why we should be careful with crypto exchange we are dealing with. I think that serves him right, I will also like his assets to be freeze or sold in order to refund his customers.

They would have done that fron the beginning ,all i want is for more investigation to be done ,because he might not be the one involved