● Covered by 1 source · 1 reportMedium impact
Bulgarian man charged with stealing seized cryptocurrency from prison
Key points
- Iossifov stole $290,000 while serving a 121-month sentence
- Previously convicted for laundering money from a fraud ring
- Faces up to 25 years in prison for new charges
Background on the Charges
Rossen G. Iossifov, a Bulgarian national, appeared in federal court on new charges while serving a 121-month prison sentence for laundering funds connected to fraud. He is accused of planning to steal cryptocurrency from a government account while imprisoned.
Details of the Alleged Crime
The charges include removal of property to prevent seizure and conspiracy to commit money laundering. Prosecutors allege that Iossifov conspired with others to transfer $290,000 in seized cryptocurrency through various exchanges to hide the funds from authorities.
Previous Fraud Conviction
Iossifov was previously convicted for operating RG Coins, a cryptocurrency exchange tied to a network that defrauded American victims. His services facilitated the conversion of fraudulently obtained funds into cryptocurrency, catering specifically to criminal clients.
Legal Ramifications and Restitution
If convicted on the new charges, Iossifov could face a maximum possible sentence of 25 years. Moreover, he has been ordered to pay over $2.6 million in restitution to victims from his earlier fraud scheme.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
Rossen G. Iossifov faces charges for allegedly stealing $290,000 in seized cryptocurrency while incarcerated. This case underscores ongoing issues in tracking and curbing cryptocurrency-related fraud and the challenges of the enforcement in maintaining control over seized assets.