Proactively taking ownership of the allegations resulted in Hayes being sentenced to six months of house arrest and two years of probation.
Four federal district courthouses in New York dealing with money laundering activities on BitMEX crypto exchange reported the decision. The verdict places Arthur Hayes on probation for two years and six months under house arrest.
Arthur Hayes, BitMEX co-founders Benjamin Delo and Samuel Reed and Gregory Dwyer were found guilty of Bank Secrecy Act violations on February 24.
Being guilty of supporting money laundering is usually a punishable offense with a maximum sentence of five years in prison.
Hayes and Delo pleaded guilty before the trial date in March. Each agreed to pay a $10 million fine.
It reported that Hayes surrendered to US authorities six months after federal prosecutors filed charges in Hawaii. Attorneys:
Mr Hayes has voluntarily appeared in court and looks forward to fighting these unfair charges.
Hayes was released after posting $10 million in bail bonds pending proceedings in New York.
Prosecutors from the Money Laundering and Transnational Criminal Attempts Unit found him guilty of failing to implement Anti-Money Laundering measures.
It resulted in Hayes being sentenced to a house arrest that required him to spend the first six months of his sentence at home. He will also pay a $10 million fine.
Debunking the myth about the ease of money laundering using crypto, a new analysis highlights the potential of blockchain technology and crypto to track financial crimes.
Planned attacks are taking place on a large number of projects in the crypto ecosystem. These malicious people are trying to turn the stolen funds into cash.
Dmytro Volkov, and said:
In the case of Bitcoin, whose blockchain ledger is publicly available, a serious trade-off with a competent analytics team can easily track down and block hackers and launderers before damage occurs.