Texas Drug Ring Convicted for Money Laundering via Cryptocurrency

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by Giorgi Kostiuk

2 years ago

Six members of a Texas drug cartel received sentences for money laundering through cryptocurrency, resulting from coordinated efforts by U.S. law enforcement.

Investigation Outcomes

The ruling followed investigations by several law enforcement agencies, including the FBI and DEA, as part of the Organized Crime Drug Enforcement Taskforce.

Details of the Criminal Activities

Between July 2019 and December 2020, the gang known as 'Loverbois' sold almost 12 kilograms of methamphetamine monthly and laundered about $50,000 through cryptocurrency. The drugs were distributed as Adderall pills.

The defendants sold at least 11.98 kilograms total of methamphetamine in pills and laundered between $15,000 and $50,000 per month using cryptocurrency.

Roles of Members and Consequences

Duc Cao Phung created and ran the 'Loverbois' accounts and managed crypto transactions. Pills were made by William David Goode Harris and Ainoa Winniec Plumber, while Kevin Tran handled deliveries. All members faced significant repercussions due to the drug volumes involved.

The case marks a victory for law enforcement against criminal operations exploiting digital assets, highlighting the need for stricter oversight and control in this area.

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