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‘No Questions Asked’ Bitcoin Launderer Sentenced to Six Years in Prison
Trung Nguyen, a resident of Danvers, Massachusetts, has been sentenced to six years in prison by Boston federal court Judge Richard Stearns for operating an unlicensed money-transmitting business called National Vending. Nguyen was also ordered to forfeit $1.5 million and will face three years of supervised release, according to the Boston US Attorney’s Office as reported by Cointelegraph.
Between September 2017 and October 2020, Nguyen ran a cash-to-Bitcoin conversion service that prosecutors described as “no questions asked.” He learned techniques from an online course to evade authorities, including concealing his business as a vending machine company, creating fictional suppliers, and avoiding the use of the word “Bitcoin.” His clientele included scam victims and a drug dealer who sent $250,000 in cash across 10 transactions in 2018. Nguyen converted more than $1 million to Bitcoin and failed to register with the Treasury’s Financial Crimes Enforcement Network (FinCEN), as required by federal Anti-Money Laundering regulations. He also did not file Suspicious Activity Reports or Currency Transaction Reports for transactions over $10,000.
Nguyen was caught after accepting cash from undercover law enforcement officers and sending them Bitcoin, taking just over 5% in commission. He used encrypted messaging apps and broke up cash deposits to avoid detection. Nguyen was convicted on charges of operating an unlicensed money-transmitting business and one count of money laundering, but found not guilty on a separate money laundering charge.
| Key Facts | Details |
|---|---|
| Prison Sentence | 6 years |
| Supervised Release | 3 years |
| Forfeiture | $1.5 million |
| Bitcoin Converted | Over $1 million |
| Commission | Just over 5% |
Summary: Trung Nguyen’s sentencing highlights the risks and consequences of operating unlicensed crypto businesses and the importance of compliance with anti-money laundering regulations. (Source: Cointelegraph)
Swedish Health Firm and Chinese EV Seller Make Major Bitcoin Moves
Shares of Swedish health tech company H100 Group AB surged 37% after the company announced its first Bitcoin purchase as part of a new strategy. On May 22, H100 spent 5 million Norwegian krone (approximately $490,830) to buy 4.39 Bitcoin at an average price of around $111,785 per Bitcoin. The company’s shares closed at 1.22 Swedish krona ($0.13) on the Nordic Growth Market, recovering some of the losses from the previous two months, during which shares had fallen by over 46%.
CEO Sander Andersen stated that the values of individual sovereignty in the Bitcoin community align with H100’s platform, which targets individuals seeking alternatives to the “reactive health system.” Andersen referred to this purchase as “Phase 1,” suggesting further Bitcoin acquisitions may follow.
Meanwhile, China’s Nasdaq-listed electric vehicle retailer Jiuzi Holdings announced a plan to buy 1,000 Bitcoin over the next year through additional stock issuance and cash purchases. CEO Tao Li acknowledged the volatility of Bitcoin but expressed hope that the move would strengthen the company’s asset structure, risk resistance, and profitability. Jiuzi’s shares rose 7.3% to $3.09 on May 22. According to BitcoinTreasuries.NET, 109 public firms now hold Bitcoin on their balance sheets.
| Company | Action | Amount | Price per BTC | Share Price Change |
|---|---|---|---|---|
| H100 Group AB | Bought 4.39 BTC | 5 million NOK ($490,830) | $111,785 | +37% |
| Jiuzi Holdings | Plan to buy 1,000 BTC | — | — | +7.3% |
Summary: Corporate adoption of Bitcoin continues to grow, with H100 Group AB and Jiuzi Holdings making significant moves to add the cryptocurrency to their balance sheets. (Source: TradingView)
Zeus Wallet Integrates Cashu Ecash, Redefining Bitcoin Microtransactions
Zeus Wallet, a U.S.-based Bitcoin and Lightning mobile wallet, has announced the alpha-release integration of Cashu, marking the first time ecash has been integrated into a popular Bitcoin wallet. Cashu is an implementation of Chaumian ecash, offering privacy and scalability but requiring trust in the issuer. The integration aims to address the “last mile” challenge for Lightning wallets, particularly for microtransactions and onboarding new users.
Founder and CEO Evan Kaloudis explained that Cashu allows users to accumulate small amounts of Bitcoin, such as through Nostr Zaps (micro-tips on social media), without needing to open a Lightning channel, which typically requires up to 10,000 satoshis upfront. The wallet prompts users to upgrade to self-custody as their balance grows, mitigating custodial risks. Users can also split risk by using multiple mints, with Zeus guiding users to select reputable mints and automatically balancing funds to minimize exposure.
“With Ecash, we make it so easy that anyone can set up a wallet and start participating in our ecosystem, which I really think is going to become more and more prevalent,” said Evan Kaloudis.
Zeus is fully open-source, with over 50 external contributors, and generates revenue from its Lightning Service Provider (LSP) by leasing channels. The integration of Cashu is seen as a step toward mainstream adoption of Bitcoin microtransactions, especially for internet tipping and social media rewards.
- Cashu integration enables microtransactions without high fees or complex onboarding.
- Users can manage custodial risk by distributing funds across multiple mints.
- Zeus remains committed to open-source development and user privacy.
Summary: Zeus Wallet’s integration of Cashu ecash could significantly lower barriers for Bitcoin microtransactions, combining privacy, scalability, and ease of use. (Source: Bitcoin Magazine)
Bitcoin Traders Aggressively Short as BTC Hits New Record High
Bitcoin reached a new record high above $110,000 on Thursday, liquidating around $500 million worth of derivatives positions. Despite this bullish move, traders are aggressively shorting Bitcoin, with the long/short ratio at its lowest point since September 2022, according to Coinalyze data cited by CoinDesk. Trading volume jumped by 74% in the past 24 hours, but most traders are betting on a downward move.
This trend began on April 21, as traders shorted the breakout above $85,000, expecting a double top formation. However, Bitcoin continued to rise, breaking resistance at $97,000 and $105,000. The move is attributed to a recovery in U.S. equities, increased institutional activity on exchanges like CME, and a large number of short positions providing fuel for bullish traders to target stop-losses. Open interest has risen disproportionately to BTC’s price, with BTC up 4.8% and open interest up 17% in the past 24 hours, indicating the rally is driven by leverage and may be less sustainable than previous moves.
| Metric | Value |
|---|---|
| BTC Record High | Above $110,000 |
| Derivatives Liquidated | $500 million |
| Trading Volume Increase | +74% (24h) |
| BTC Price Change (24h) | +4.8% |
| Open Interest Change (24h) | +17% |
Summary: Despite Bitcoin’s new all-time high, traders are heavily shorting the asset, with leverage playing a significant role in the current rally. (Source: CoinDesk)
Bitcoin Options Open Interest Hits Record High as Traders Target $116,000
Open interest for Bitcoin options has reached an all-time high of around $65 billion, driven by increased participation in options tied to BlackRock’s spot Bitcoin ETF and other venues like CME, according to Decrypt. The options market data suggests that traders expect Bitcoin’s price to rally into a range between $116,000 and $120,000. Notably, $20 billion in notional open interest is outstanding for BlackRock’s spot Bitcoin ETF alone.
On the Deribit exchange, traders favored call options, with $23 billion worth of calls outstanding compared to $13.9 billion in put options. Bitcoin was recently trading at around $111,800, a 4.2% increase over the past day and a 23% increase over the past 30 days. Last month, Bitcoin’s price fell as low as $74,000, highlighting the asset’s volatility.
| Metric | Value |
|---|---|
| Options Open Interest | $65 billion |
| BlackRock ETF Open Interest | $20 billion |
| Deribit Call Options | $23 billion |
| Deribit Put Options | $13.9 billion |
| BTC Price (recent) | $111,800 |
| BTC 30-Day Change | +23% |
| BTC Low (last month) | $74,000 |
Summary: The Bitcoin options market is experiencing record participation, with traders targeting higher price ranges and showing strong enthusiasm for further gains. (Source: Decrypt)
Sources:
- ‘No questions asked’ Bitcoin launderer gets 6 years in prison
- Swedish health firm jumps 37% on first Bitcoin buy, China EV seller to buy 1K BTC
- How Zeus Is Redefining Bitcoin With Cashu Ecash Integration
- Why Traders Are Aggressively Shorting Bitcoin After BTC Price Hit New Record High?
- Bitcoin Options Open Interest Spikes to Record High as Traders Target $116K
- Binance CEO Warns of Missed Bitcoin Gains, Cites 5-Year Rally Wake-up Call
