New Zealand police seize $6.7 million worth of cryptocurrency
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Answer New Zealand police seize $6.7 million worth of cryptocurrency
New Zealand police seize $6.7 million worth of digital currencies during a campaign against movie pirates.
As a result, the police managed to confiscate $6.7 million in cryptocurrency from a programmer.
According to news reports, law enforcement officers in Hamilton, New Zealand, have successfully arrested Jaron David McIvor, a 31-year-old programmer who specializes in piracy.
During the arrest, the police managed to seize some cryptocurrencies worth about $6.7 million in addition to $1.1 million in bank deposits.
The arrest comes as a result of an investigation into online movie piracy.
according to SourceMacIvor’s residence did not reflect the wealth he held.
Moreover, he lived in a rented property he shared with a relative that was also sought out by US tax officials.
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Police confiscated funds under the Criminal Proceeds Recovery Act, which allows authorities to freeze suspects’ bank accounts provided there is a suspicion that the suspect has made a profit from criminal activities.
In the McIvor case, the latter committed the crime of money laundering by making millions from piracy of films.
The investigation also stated that McIvor helped set up an illegal pirated movie streaming website, where he downloaded movies without permission.
But as of writing this topic, MacIvor has denied the crime of money laundering.
New Zealand police took the step after the IRS informed them that it had received reports of suspicious activity on “McMakefor” from PayPal.
After carefully reviewing the report, the IRS traced McIvor to New Zealand.
McIvor is not the only suspect in the movie piracy case, as other individuals linked to the case have been tracked to Vietnam, Canada and even the United States.
Records obtained by the police indicate that McIvor earned about $2 million by broadcasting pirated films.
He got the money from PayPal and Stripe and then transferred it to his bank account.
McIvor claimed that he got the rest through cryptocurrency trading.
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The money is likely to be sold under a Supreme Court order to ensure that it does not lose value over time.
Read also:
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The arrest of a famous figure in Dubai on charges of fraud in the world of cryptocurrency
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