Woodberrry and Ramon Abbas, also known as Hushpuppi, were detained in Dubai and charged with conspiracy to conduct wire fraud in a U.S. District Court in Chicago.
The FBI has purportedly retrieved millions of dollars from the Bitcoin wallet of Olalekan Jacob Ponle alias Woodberry, an arrested fraudster in the United States.
Woodbery and Ramon Abbas, also known as Hushpuppi, were detained in Dubai and charged with conspiracy to conduct wire fraud in a U.S. District Court in Chicago.
According to the Peoples Gazette, a court document obtained by the US Justice Department reveals that US prosecutors sought confiscation of any property generated from Mr Ponle’s illegal enterprise’s revenues.
The documents said:- “Through the violation of 18 U.S.C. § 1343 as alleged in Counts One through Eight of the indictment, the United States seeks forfeiture of any property involved in or traceable to the defendant’s violation including, but not limited to 151.885720427 Bitcoin Cryptocurrency pursuant to the provisions of 18 U.S.C. § 981(a)(1)(C) and 28 U.S.C. § 2461(c).”
The forfeiture was reportedly filed on April 29, 2022, when Bitcoin was selling at $39,457, bringing the total worth of the haul to $6 million.
In 2020, the FBI filed a criminal complaint against Woodberry for his illicit acts.
They further accused Ponle of concealing stolen monies from his suspected illegal operations online by utilizing Bitcoin. Mr Ponle had been using the same address (16AtGJbaxL2kmzx4mW5ocpT2ysTWxmacWn) since 2014, according to the bureau.
According to the FBI, Woodberry and his friends used a scam known as business email compromise (BEC) to cheat American corporations out of tens of millions of dollars while converting $6.5 million into 1,500 bitcoins.
According to the paper, “preliminary blockchain analysis reveals that PONLE acquired at least 1,494.71506296 bitcoin related to these BEC scams, valued at roughly $6,599,499.98 at the time he received the proceeds.”