Guilty – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Sun, 17 Aug 2025 17:22:42 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.7 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 Guilty – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 State of Crypto: Do Kwon Pleads Guilty https://earlybirdsinvest.com/state-of-crypto-do-kwon-pleads-guilty/ https://earlybirdsinvest.com/state-of-crypto-do-kwon-pleads-guilty/#respond Sun, 17 Aug 2025 17:22:42 +0000 https://earlybirdsinvest.com/state-of-crypto-do-kwon-pleads-guilty/

Terra/Luna creator Do Kwon pleaded guilty to one charge of conspiring to commit fraud and one charge of wire fraud on Tuesday, following an earlier not guilty plea and a very lengthy extradition process.

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The narrative

Terraform Labs founder Do Kwon, who created the TerraUSD stablecoin and its counterpart Luna (LUNA) token, pleaded guilty to conspiracy to commit securities, commodities or wire fraud and wire fraud

Why it matters

Terra and its related ecosystem blew up in spectacular fashion in 2022, with Luna falling from an all-time high price of nearly $120 to less than 10 cents over the course of five weeks. UST broke its peg, and the event was the first domino in the various other crypto company bankruptcies over the course of 2022.

Breaking it down

In 2021, Do Kwon repeatedly assured investors that Terra and Luna were safe investments, through tweets and appearances on programs like CoinDesk TV.

On Tuesday, he apologized as part of his guilty plea.

“Between 2018 and 2022 in the Southern District of New York and elsewhere, I knowingly agreed with others to engage in a scheme to defraud, and did in fact defraud, purchasers of the cryptocurrencies issued by my company, Terraform Labs,” he said, going on to say he made “false and misleading statements” about why UST regained its peg.

As part of his plea deal, the Department of Justice agreed to recommend a prison sentence of no more than 12 years, and Kwon can apply for an international prison transfer once he’s served 50% of his sentence. One of Kwon’s attorneys noted that there are still outstanding charges against him in South Korea, the country Kwon tried to get himself extradited to during his extended stay in Montenegro.

Kwon’s statement spoke to that: “The purchasers who I defrauded were in the Republic of Korea, the Southern District of New York and elsewhere,” he said.

Read more.

Tuesday

  • 14:30 UTC (10:30 a.m. ET) Do Kwon pled guilty to two charges tied to the operation and eventual collapse of the Terra/Luna stablecoin ecosystem.
  • (D.C. Circuit Court of Appeals) Two judges on a three-judge appeals court panel ruled that a district court did not have appropriate jurisdiction in blocking the Trump administration’s efforts to reduce the size of the Consumer Financial Protection Bureau, writing in part that, “The plaintiffs point to no regulation, order, document, email, or other statement, written or oral, purporting to shut down the CFPB” and that “the government does not claim the power to ‘shut down’ the CFPB.” Attorney General Pamela Bondi said in a tweet afterward that the circuit court had “sided with my [Department of Justice] attorneys in our effort to dismantle the CFPB.” The circuit court panel did open the door for a potential en banc hearing with the full D.C. Circuit Court of Appeals.
  • (The Washington Post) The White House removed IRS Commissioner Billy Long after he clashed with the White House over sharing confidential taxpayer information, the Post reported. CNN also reported that the IRS did start “sharing sensitive taxpayer data [last] week with immigration authorities.”
  • (The Associated Press) States are starting to take action against the possibility that Big Tech firms’ datacenters are driving up residents’ electricity prices.
  • (Bloomberg) Bloomberg published an analysis of Tron creator Justin Sun on its Billionaires Index, saying he owns over 60 billion TRX (~$4.9 billion) — “the majority of its supply” — as well as $3.55 billion in other crypto holdings and $3.73 billion in HTX holdings. Sun filed for a temporary restraining order to block publication (although the page was already published), with exhibits confirming that his team shared wallet addresses and other information with Bloomberg to help the news organization verify his holdings.
  • (Politico) The fallout from the hack of the federal court database system PACER continues.
  • (Reuters) Reuters has a detailed report out about Meta’s artificial intelligence policies, from large language model chatbots inviting people to real addresses to enabling these technical models to engage with minors using language that seems to be more suitable for people who aren’t minors. Some of these provisions were changed after Reuters asked about them, the news organization reported.
  • (New York Magazine) This is a lengthy and bonkers deep dive into two individuals accused of kidnapping an Italian crypto investor in New York. It is well worth your time to read.

If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social.

You can also join the group conversation on Telegram.

See ya’ll next week!

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Former Pump.Fun developer pleads guilty to the $2 million Solana Heist https://earlybirdsinvest.com/former-pump-fun-developer-pleads-guilty-to-the-2-million-solana-heist/ https://earlybirdsinvest.com/former-pump-fun-developer-pleads-guilty-to-the-2-million-solana-heist/#respond Sat, 16 Aug 2025 04:44:23 +0000 https://earlybirdsinvest.com/former-pump-fun-developer-pleads-guilty-to-the-2-million-solana-heist/

Jarett Dunn, former developer of Solana-based MemeCoin Platform Pump. funpleaded guilty to fraud by abuse of crime and transfer of criminal property. He admitted to stealing nearly $2 million in SOL from the project shortly after joining the team. Dan is now It’s being held in a London prison after violating bail terms.

He was detained for bail violations

Dan originally pleaded guilty in 2023, but he later tried to withdraw the plea in court. That effort I didn’t do it work. His legal team stepped in and the case stopped for several months. Things got worse when Dan was still under bail restrictions while he was moving to Liverpool. Authorities pursued him, arrested him again and moved him to HMP Pentonville.

If you turn the corner and pass a sentence, the penalty may be severe.

Dan I’m expecting In Get a verdict Within two weeks. The fees he faces are Serious If classified as a first-class attack, it is enough to land him behind the bar for over seven years. Wideer impact on pumps. fun It was important. The team estimates they lost as much as $12.8 million in damages, not just stolen funds, but also downtime transactions, reputational damage and reduced platform activity.

Discover: Best New Cryptocurrencies to Invest in 2025

Mental health adds complexity to your case

Court documents show that Dan has a long history of mental health challenges, including diagnosing schizoaffective bipolar disorder, panic disorder and ADHD. He also struggled with the use of substances and was taking medication at the time of theft. When police first arrested him, he was reportedly not worthy of the question. He later spent two weeks under hospital care, but that It will be considered Judgment underway.

24 hours7d30D1Yeverytime

Inside Job Exposed LaunchPad Risk

Dan was at the pump. fun Only 6 weeks will he use his developer access Quietly extract the sol from the binding curve contract. After moving the funds, he had scattered them across multiple wallets, making recovery almost impossible. His actions suggested that he might have considered it some. It’s a vigilante stunt, but I didn’t do it Protect him from criminal charges. This violation highlighted the risks crypto startups face when internal controls are loose or in a hurry.

Discovered: 20+ Next Cryptocurrency Exploding in 2025

Despite the scandal, the pump. fun it’s not It slowed down

Surprisingly, the platform has only grown since the incident. Pump.fun bounced and unfolded with the launch of a $600 million token My own It exceeded $770 million in pump tokens and record-high revenue. There are currently major spots Solana The growing Memocoin ecosystem. The scandal may have derailed the project, but it appears to have accelerated its growth in several ways.

Dan’s Cases are reminders of how quickly things can helix in cryptography. One of the past, with access and trouble, has been able to shake up the multi-million-dollar platform. Now the court will decide whether mental health, regret and cooperation will be heavy enough to affect his sentence, or whether it will use this as a cautionary substance about what goes wrong when the industry is misguided.

Discover: 20+ Next Cryptocurrency to Explode in 2025

For the latest market updates, please join us in the discrepancy in 99bitcoins news here

Key takeout

  • Former Pump.Fun developer Jarett Dunn pleaded guilty to stealing nearly $2 million in SOL and is currently awaiting his sentence in London.

  • Due to a failed attempt to retract Dan’s bail violation and his plea, he lands at HMP Pentonville, where he is in custody.

  • The claim could result in a sentence of more than seven years, and Pump.Fun estimates the total loss from the incident at $12.8 million.

  • Mental health issues and past substance use could affect the verdict as it was reportedly inappropriate for police questions at the time.

  • Despite the scandal, Pump.Fun grew rapidly, surpassing $770 million in revenue and launching its own pump token.

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Anthony Clark

Cryptowriter

Anthony Clark’s crypto journey began in 2017 and was triggered by the discovery of Quora. After purchasing Bitcoin and Verge as his first cryptocurrency, he became deeply interested in the emerging world of blockchain technology. This made him start writing…Read more

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Terraform’s Do Kwon Pleads Guilty to Its Collapse https://earlybirdsinvest.com/terraforms-do-kwon-pleads-guilty-to-its-collapse/ https://earlybirdsinvest.com/terraforms-do-kwon-pleads-guilty-to-its-collapse/#respond Wed, 13 Aug 2025 18:34:29 +0000 https://earlybirdsinvest.com/terraforms-do-kwon-pleads-guilty-to-its-collapse/

One of the most prolonged cases in the crypto world surrounding the infamous Terra has finally seen its former head accept responsibility for his crimes.

Court documents reveal the magnitude of the offences, and hopefully, this can bring some peace to the affected.

Owning Up to the Wrongdoings

The U.S attorney for the Southern District of New York, Jay Clayton, announced yesterday that Do Hyeong Kwon (Do Kwon) pled guilty to one count of conspiring to commit commodities, securities, and wire fraud, and one count of committing wire fraud connected to deceitful schemes at Terraform.

The platform was touted by the charged CEO as a self-contained, decentralized financial ecosystem, leveraging pioneering blockchain technology and offering a variety of financial products, including its own cryptocurrency, payment system, stock market, and savings bank.

The harsh reality was that investors and users of Terraform were unaware that none of the instruments offered functioned as intended and were manipulated to believe that everything was working optimally. Do Kwon admitted guilt before U.S. District Judge Paul A. Engelmayer.

“Do Kwon used the technological promise and investment euphoria around cryptocurrency to commit one of the largest frauds in history,” said Clayton.

“Kwon attracted tens of billions in funds to Terraform’s ecosystem by promising a self-stabilizing stablecoin. By the time the markets discovered that the ecosystem was unstable, it was too late: the system collapsed, and investors around the world suffered billions of dollars in losses.”

The allegations stated in the Superseding Indictment, along with further court proceedings and public filings, note that the company was founded in 2018. It distinguished its blockchain from others by issuing algorithmic stablecoins under the “Terra Protocol.”

According to reports, these stablecoins maintained their value regardless of changes in underlying market conditions. Around September 2020, the dollar-pegged TerraUSD (“UST”) was launched, and promotional materials claimed that under the protocol, one UST can always be exchanged for $1 worth of the blockchain’s native token, LUNA, and vice versa.

The Numerous False Pretenses

Over the years, the company, alongside its various entities, developed and advertised several financial products as decentralized finance applications, aimed at increasing the number of users and transactions on the Terra blockchain. Some of them include:

  • Chai, a Korean payments platform that was supposedly using the Terra blockchain to process transactions around June 2019, was untrue, as traditional methods and networks were used for processing.
  • Mirror Protocol, which went live in December 2020, enabled users to create, buy, and sell synthetic versions of assets, such as stocks listed on US exchanges, using the now obsolete blockchain. In reality, Terraform had control over the protocol and utilized trading bots to manipulate the prices of the assets that it issued.
  • The Luna Foundation Guard Ltd (“LFG”) was a public entity launched around January 2022 that purportedly maintained a reserve worth billions of dollars in cryptocurrency, known as the “LFG Reserve,” to maintain UST’s dollar peg. This was claimed to be regulated by an independent governing body, when in fact, Terraform reigned over it.

Do Kwon received funding from several investment firms in the United States and elsewhere, with the primary agreement being to either purchase or loan the cryptocurrencies created on the Terra blockchain. At the peak of the corporation’s growth, the co-founder who was charged became one of the most affluent leaders in the industry.

Terraform’s pinnacle was around the start of 2022, when the market cap of UST and LUNA went over $50 billion, with the majority of this expansion attributed to misrepresentations about the company and its products. By May 2022, the dollar peg of the UST had already begun to break down, a trend that had started the previous year.

They managed to cover this up in 2021, but failed to do so the following year, which led to their collapse and the loss of over $40 billion. A short time later, arrest warrants and an Interpol Red Notice were issued against the former CEO.

Around the end of March 2023, Do Kwon was captured in Europe while using a fake passport. Authorities from the US submitted a request for his extradition shortly after that, and there was considerable back and forth regarding where he would be charged and tried. He was deported to the United States at the end of last year.

Earlier in June, he pleaded not guilty, but eventually succumbed to the numerous charges against him. As part of his plea, he will have to forfeit $19 million in proceeds from the fraudulent schemes and will be sentenced by Judge Engelmayer on December 11, 2025.

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Do Kwon Pleads Guilty to Fraud, Faces Up to 12 Years in Prison https://earlybirdsinvest.com/do-kwon-pleads-guilty-to-fraud-faces-up-to-12-years-in-prison/ https://earlybirdsinvest.com/do-kwon-pleads-guilty-to-fraud-faces-up-to-12-years-in-prison/#respond Tue, 12 Aug 2025 20:41:12 +0000 https://earlybirdsinvest.com/do-kwon-pleads-guilty-to-fraud-faces-up-to-12-years-in-prison/

Do Kwon, co-founder of Terraform Labs, has admitted to committing two crimes in the United States.

In a court appearance on August 12 in New York, he pleaded guilty to conspiracy to defraud and wire fraud.

According to a report from Inner City Press, Kwon told the judge that between 2018 and 2022, he took part in a plan to mislead people who bought cryptocurrencies from Terraform Labs.

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He admitted making false claims about how a stablecoin’s price peg was restored and about the involvement of another company. He also confirmed that he worked with others to carry out this plan and knew it was against the law.

As part of his deal with prosecutors, Kwon will pay $19 million in financial penalties. While the two charges could lead to a maximum prison term of 25 years if sentences run one after the other, prosecutors agreed not to ask for more than 12 years.

His sentencing is scheduled for December 11. Judge Paul A. Engelmayer made it clear that the final decision on the sentence is his alone.

On August 5, the US Securities and Exchange Commission (SEC) reached a settlement with Huynh Tran Quang Duy, the founder of the now-closed lending platform MyConstant. What did the agency say? Read the full story.


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Samourai Wallet Founders Plead Guilty in $100M Bitcoin Laundering Case https://earlybirdsinvest.com/samourai-wallet-founders-plead-guilty-in-100m-bitcoin-laundering-case/ https://earlybirdsinvest.com/samourai-wallet-founders-plead-guilty-in-100m-bitcoin-laundering-case/#respond Sun, 03 Aug 2025 01:21:38 +0000 https://earlybirdsinvest.com/samourai-wallet-founders-plead-guilty-in-100m-bitcoin-laundering-case/

Samourai Wallet co-founders Keonne Rodriguez and William Lonergan Hill have decided to plead guilty to charges related to their mixer service.

The pair had previously denied guilt in April 2024 and had made several attempts to have their lawsuit dropped.

Pleas Changed on Wednesday

According to court documents shared earlier in the week, the executives agreed to change their admissions during a Wednesday morning hearing before Judge Denise Cote. The two faced charges of conspiring to launder money, a crime punishable by up to 20 years in prison, and operating an unlicensed money-transmitting business, which carries a five-year sentence. This brings their total possible prison time to 25 years.

Prosecutors alleged that Samourai processed more than $2 billion in illegal transactions and laundered over $100 million in criminal proceeds. This includes payments tied to illicit online marketplaces such as Silk Road.

The U.S. Department of Justice (DOJ) claims that the wallet’s Whirlpool and Ricochet features were designed to conceal the origins of Bitcoin transactions. The indictment also cited internal communications and social media posts showing the two were aware that Samourai was being used for criminal activity and actively marketed it for such operations.

The founders have made several attempts to dismiss the litigation against them. Following an April 12 memo issued by Deputy Attorney General Todd Blanche, which stated the DOJ would no longer pursue cases based on user actions or regulatory technicalities, their lawyers pushed for the charges to be dropped.

A month later, their defense lodged another motion, alleging that prosecutors withheld internal communications from FinCEN, which suggested that Samourai Wallet didn’t qualify as a money transmitter and therefore wasn’t legally required to register. However, the DOJ argued it didn’t have to share that evidence.

Harmful Legal Precedent

Elsewhere, Tornado Cash is facing similar legal action with Roman Storm, one of its co-founders, currently being tried before a jury. His trial began in July at a Manhattan federal court, where he faces allegations of money laundering, violating U.S. sanctions, and operating an unlicensed money-transmitting business.

Critics say these lawsuits could set a dangerous precedent by criminalizing open-source development for non-custodial tools that don’t hold user funds. They argue that programmers shouldn’t be held liable for how autonomous code is used, particularly when there’s no direct evidence of intent to commit crimes.

Earlier this year, a blockchain developer filed a lawsuit against the DOJ, in the twilight of the Biden administration, claiming it had undermined crypto innovation. He accused the authority of overreaching by treating creators of non-custodial crypto software as unlicensed money transmitters.

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Samourai Wallet founders plead guilty to unlicensed money transmission; DOJ drops laundering, conspiracy charges https://earlybirdsinvest.com/samourai-wallet-founders-plead-guilty-to-unlicensed-money-transmission-doj-drops-laundering-conspiracy-charges/ https://earlybirdsinvest.com/samourai-wallet-founders-plead-guilty-to-unlicensed-money-transmission-doj-drops-laundering-conspiracy-charges/#respond Fri, 01 Aug 2025 00:50:27 +0000 https://earlybirdsinvest.com/samourai-wallet-founders-plead-guilty-to-unlicensed-money-transmission-doj-drops-laundering-conspiracy-charges/

The developers behind Samourai Wallet pleaded guilty to a single count of conspiracy to operate an unlicensed money‑transmitting business.

The plea deal secures dismissal of the parallel money laundering conspiracy charge and caps potential prison time at five years. It also includes $237 million in forfeiture and a $400,000 fine.

As journalist Matthew Russell Lee reported on July 30, sentencing is set for November 6. Additionally, the defendants agreed not to appeal if the sentence is five years or less, according to Bitcoin Policy Institute’s head of policy, Zack Shapiro.

Plea deal

Lee reported that Judge Jed Rakoff pressed Keonne Rodriguez to state his criminal conduct “in his own words.”

Rodriguez told the court that his role at the firm meant that he was aware users were using the wallet “to launder criminals’ money.” Prosecutors argued that the knowledge alone is sufficient for a 60 month sentence even if they were not involved in the laundering.

Shapiro noted that had both counts gone to verdict, combined federal guidelines would have pointed to 160 to 210 months. By pleading to the unlicensed transmission conspiracy under 18 U.S.C. § 1960, the developers face a statutory maximum of five years rather than a potential decade-plus exposure.

Defense‑side reaction framed the outcome as a pragmatic hedge rather than a legal endorsement of the US Department of Justice’s (DOJ) theory.

Amanda Tuminelli, executive director and CLO at the DeFi Education Fund argued that the DOJ “misinterprets Section 1960 whenever they accuse a non‑custodial software dev of ‘transferring funds on behalf of the public,’”

Tuminelli added that the pleas don’t change the policy fight over how the law should apply to open‑source wallet software. She said:

“Plea deals are risk calculations.”

Case background

US and international authorities shuttered Samourai on April 24, seizing its domain and web infrastructure in collaboration with the Icelandic and Portuguese police, the IRS, the FBI, and Europol.

The authorities also issued a warrant that removed the Android app from Google Play for US users.

Prosecutors alleged founders Keonne Rodriguez and William Lonergan Hill ran a mixing service through Samourai that processed more than $2 billion in Bitcoin tied to illicit activity, including $100 million linked to dark‑web markets. 

The app, one of the best‑known privacy‑focused Bitcoin wallets, had been downloaded over 100,000 times.

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Idaho college student murders: Bryan Kohberger’s guilty plea leaves unanswered questions https://earlybirdsinvest.com/idaho-college-student-murders-bryan-kohbergers-guilty-plea-leaves-unanswered-questions/ https://earlybirdsinvest.com/idaho-college-student-murders-bryan-kohbergers-guilty-plea-leaves-unanswered-questions/#respond Wed, 23 Jul 2025 17:49:09 +0000 https://earlybirdsinvest.com/idaho-college-student-murders-bryan-kohbergers-guilty-plea-leaves-unanswered-questions/

Editor’s note, July 23, 2025, 1:45 pm ET: On July 23, Bryan Kohberger was sentenced to life in prison, having pled guilty to all four murders. With the deal, he avoided the death penalty but also waived his right to appeal. When asked to give a statement, Kohberger told the court, “I respectfully decline,” seemingly sealing his decision not to explain his motive. The story below was originally published on July 14.

When Bryan Kohberger entered a guilty plea on July 2 in the case of four murdered Idaho students, it brought an abrupt conclusion to one of the biggest true crime sagas in decades, but it has arguably left the public with more questions than answers. Soon, a new wave of true crime content, including two documentaries and a major book co-written by James Patterson, will attempt to answer those questions.

Kohberger’s trial, previously scheduled to begin in August, would likely have surfaced much more information regarding the killings of Ethan Chapin, Kaylee Goncalves, Madison “Maddie” Mogen, and Xana Kernodle — students at the University of Idaho in small-town Moscow, Idaho, slaughtered in a late-night off-campus home invasion so horrific that it instantly became global news.

Years of delays in the journey to trial, paired with strict ongoing gag orders in the case, have meant that even three years later, most of what we know about the crime still comes from the initial probable cause affidavit filed against Kohberger prior to his arrest in December 2022, about six weeks after the murders took place on November 13. (He was charged, and eventually pleaded guilty, to four counts of first-degree murder and one count of burglary.) Since then, other pieces to the puzzle have been filled in primarily from anecdotal reports shared by friends and family of the Idaho Four and Kohberger, as well as clues gleaned unofficially from social media accounts and occasional investigation leaks.

The end result is that while the public can play connect-the-dots with much of the information surrounding the Moscow murders, the biggest question of all — why? — remains unanswered.

Here’s a look at what we know so far, what we’re likely to learn from upcoming media in the case, and what’s next for the players in this awful saga.

Why Kohberger pleaded guilty: He was out of moves

Given that Kohberger staunchly maintained his innocence for nearly three years, his sudden reversal might have come as a surprise to anyone not following the court proceedings closely. In fact, it may have been inevitable.

After stalling the judicial process for years, Kohberger’s defense team had swiftly been running out of plays following a series of judicial rulings favoring the prosecution and limiting the defense’s strategies. These included the court rejecting a potential alibi defense — with Judge Steven Hippler ruling that Kohberger’s claim to have been driving around looking at the stars during the time of the murders was not actually an alibi — and rejecting a potential alternate suspect defense, with Hippler dismissing the defense’s coterie of alternate perpetrators as “rank speculation.” With few other moves left, Kohberger faced a mountain of overwhelming evidence, including his DNA on the knife sheath left at the crime scene, phone records tracking him at the location and across town the night of the crime, and a recently revealed second eyewitness, a Door Dash driver who delivered a meal to Xana Kernodle and claims to have seen Kohberger at the 1122 King Road address just before the murders.

Kohberger’s guilty plea — which prosecutors shared directly with the victims’ families before the news broke on June 30 — allows him to avoid the death penalty. His sentencing hearing is scheduled for July 23, where, per the terms of the agreement, he will receive four consecutive life sentences on the murder counts and the maximum penalty of 10 years on the burglary count. But while avoiding a trial means avoiding trauma for witnesses and victims’ families, not everyone is happy about this outcome. The family of Kaylee Goncalves, in particular, has been vocal in their displeasure that Kohberger will not have to stand trial or face the death penalty, though other victims’ families, including that of Goncalves’s lifelong best friend Mogen, have stated their support for the plea deal.

Onlookers hoping that Kohberger’s plea deal might yield some new insight were left disappointed when his plea hearing included no additional admissions from Kohberger about why he committed the crime, whether he premeditated any or all of the acts, or why he apparently chose to leave the two remaining housemates, Bethany Funke and Dylan Mortensen, alive.

In the absence of any official answers, and without a trial to provide them, the public will instead be getting a deluge of new media about the case, most of it releasing in mid-July, originally intended to drop just before Kohberger’s trial. Instead, what we have left is a fairly broad spectrum of journalism around the case, ranging from investigative reporting via Dateline to interview-heavy streaming documentaries from Amazon and Peacock to classic true crime narrative nonfiction via mega-bestseller Patterson and his co-writer, British journalist Vicky Ward. Additionally, media outlets have asked the judge to lift the remaining gag orders in the case, so that witnesses and authorities who have been banned from speaking until the trial might finally have a chance to do so.

The lack of a trial “makes it all the more consequential,” Patterson’s publicist told me in an email. “The book now is the only chance people will get to delve into what happened that night.”

What did happen that night? Here’s what we know so far, and what we’re likely to learn from July’s new onslaught of updates.

What’s new: Perspectives from the victims’ families and friends — and chilling insight into Kohberger

During the six-week national manhunt for the perpetrator, the roommates, friends, boyfriends, ex-boyfriends, and family members of the Idaho Four were put through the ringer in terms of public scrutiny and speculation. The new cache of media puts this community front and center and allows them to talk about their experiences. Among them is One Night in Idaho: The College Murders, a new Amazon Prime docuseries released on July 11, co-directed by documentarian Liz Garbus, who more recently helmed a documentary about the Gilgo Beach killer for Netflix.

Over four 60-minute episodes, Garbus and her co-director Matthew Galkin focus on the stories of the victims’ friends and families, including heartbreaking details from family interviews, like Ethan Chapin’s siblings — now the remaining two triplets — spending their last night with him together at a sorority formal just hours before his death. A second documentary for Peacock, The Idaho Student Murders, premiered the day after Kohberger pleaded guilty. It similarly gathers friends and family together to remember Ethan, Kaylee, Maddie, and Xana while opening up about their own trauma and loss.

Then there’s The Idaho Four: An American Tragedy, the book by Ward and Patterson, due out today. While Patterson co-authors the book, it’s Ward who has done the bulk of the investigation, conducting hundreds of interviews in and around Moscow, as well as Kohberger’s home back in the Poconos region of Pennsylvania. The book is a true deep-dive into the case and the context of the murders — as much as any book can be while still obeying the court gag order. Ward spends time early on laying out the complicated dynamics of the King Road friends group, and what a large, interconnected community the four were a part of — a community that was absolutely shattered in the wake of the crime.

While all of this is an important piece of the story, it’s only half. One of the most striking things about the Idaho murders is that the motives of the suspect have, up until now, been largely opaque. What little we know about Kohberger has come mainly from his turbulent academic history. Once a star criminology student who studied under premier true crime writer and forensic psychologist Katherine Ramsland (who recently opened up about Kohberger for the very first time in the New York Times), Kohberger moved to Pullman, Washington, near Moscow, Idaho, in the fall of 2022 to do his doctorate at the Washington State University. After becoming a teaching assistant, however, he quickly bottomed out. Over the course of one semester, he was reprimanded, then fired for reportedly grading students too harshly and getting into an altercation with his supervising professor during a performance review. Just over a week after Kohberger was placed on a performance improvement plan, the murders took place.

Still, apart from his academic spiral, up until very recently, there’s been little indication of what, if anything, could have prompted Kohberger’s actions. Even Ramsland, veteran author of books on serial killer psychology, told the New York Times that at first she doubted he could possibly be the culprit.

Recent insight leaked from the investigation to Dateline for a May episode of the show, however, shows that Kohberger had an incriminating search history, including searches for pornography with the keywords “drugged” and “passed out.” He also searched for serial killers like Ted Bundy, though as a criminologist, that might be excusable. Less excusable, however: Dateline’s reveal that according to cell tower records, Kohberger had been in the vicinity of King Road no less than 23 times in four months.

The Idaho Four leans into the idea of Kohberger as an obsessive with dark tendencies. One source — the father of a childhood friend — alleges in the book that as a teen, Kohberger stalked him over a long period of time, frequently breaking into his house and stealing small items that belonged to him. Multiple sources recount Kohberger’s harsh and condescending treatment of female students and his difficulty interacting with women.

Patterson and Ward also hammer home the many similarities between Kohberger and the 2014 Isla Vista mass shooter Elliot Rodger, the patron antihero of the misogynistic incel movement. There’s very little direct evidence that Kohberger was influenced by Rodger, but Ward (who has written about this theory elsewhere) and Patterson draw out every similarity they can, all but implying that Kohberger intentionally styled his murders after the notorious woman hater. There’s been no official confirmation or indication that Kohberger was consciously imitating Rodger.

What we may never really know: Why?

Even factoring in Kohberger’s alleged misogyny, though, none of that exactly answers the question: Why these four students? There’s no evidence that any of the students in the King Road circle knew Kohberger at all. Yet almost since the crimes unfolded, informal suspicion has fallen on Kohberger as being fixated on Maddie Mogen in particular. The most compelling reason for this is that, according to victims’ family and friends, an account believed to belong to Kohberger had allegedly previously liked and followed Mogen’s Instagram posts. Authorities reportedly confirmed that an Instagram account belonging to Kohberger followed the accounts of all three of the women he killed.

At the plea hearing, prosecutors confirmed that when Kohberger broke into the King Road house he went directly upstairs to Mogen’s room, where he also encountered Goncalves. While this still isn’t as satisfying as a confession with a motive coming from Kohberger himself, the implication is that Kohberger had his sights set on Mogen. Her room was easily visible from the street and adjacent parking lots. She was an exposed and vulnerable target.

And so, Goncalves, who no longer even lived at the house but was visiting her best friend, and Chapin and Kernodle, who appear to have been awakened by the struggle upstairs in Mogen’s room, were likely all collateral damage. We may never know why Kohberger spared their roommate Dylan Mortensen, who exited her room and made eye contact with a masked man in a hoodie, with only his eyes and infamous “bushy eyebrows” visible as he walked past her out of the apartment, nor their downstairs roommate, Bethany Funke.

The event — the cruel and seemingly random killing of young people near a college campus, as if ripped from a slasher movie — is almost impossible to comprehend as real life, which was also true as it was unfolding. Once Mortensen, in a panic, ran downstairs to join Funke, the two decided that she must have been exaggerating the whole event. (Mortensen told investigators she had been drunk at the time and unsure if what she’d seen had even been real.) Not even later, as the two of them gradually realized over the course of the next morning that something was very strange, did the two survivors understand what had happened in their house. Not even as they were calling 911, passing the phone around to their equally confused friends.

Even three years later, it’s difficult to understand anything that happened that night in Moscow. The more we learn, the more it becomes clear that no answer will ever truly bring a satisfying end to a truly haunting case.

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Nigerian Man Pleads Guilty to Laundering $2.5M in Crypto from US Victims https://earlybirdsinvest.com/nigerian-man-pleads-guilty-to-laundering-2-5m-in-crypto-from-us-victims/ https://earlybirdsinvest.com/nigerian-man-pleads-guilty-to-laundering-2-5m-in-crypto-from-us-victims/#respond Thu, 26 Jun 2025 19:37:39 +0000 https://earlybirdsinvest.com/nigerian-man-pleads-guilty-to-laundering-2-5m-in-crypto-from-us-victims/

Author

Hongji Feng

Author

Hongji Feng

About Author

Hongji is a crypto and tech reporter. He graduated from Northwestern University’s Medill School of Journalism with a Bachelor’s and a Master’s. He has previously interned at HTX (Huobi Global),…

Last updated: 


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Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas – from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Key Takeaways:

  • Charles Uchenna Nwadavid pleaded guilty in Boston to mail fraud and money laundering.
  • He laundered funds from six U.S. victims using cryptocurrency between 2016 and 2019.
  • Transactions were processed through LocalBitcoins, accessed remotely by Nwadavid overseas.

A Nigerian national pleaded guilty in Boston federal court on June 25 to charges related to laundering funds obtained through online romance fraud, according to a statement from the U.S. Attorney’s Office for the District of Massachusetts.

Charles Uchenna Nwadavid, 35, admitted to mail fraud and two counts of money laundering. Prosecutors said he controlled cryptocurrency accounts used to move victim funds and accessed them remotely from overseas. His sentencing is scheduled for September 23.

Romance Scam Money Laundering Network Tied to Crypto

According to court documents, the scheme ran from 2016 to 2019 and involved six U.S. victims. The individuals were recruited through social media and dating platforms and persuaded to send money under false pretenses, such as medical emergencies or legal fees.

Authorities said one Massachusetts victim unknowingly received funds from five others and then transferred the money to Nwadavid via cryptocurrency.

The transactions were processed through LocalBitcoins, an online peer-to-peer platform. Nwadavid allegedly directed the transfers while abroad using online access credentials.

He was indicted in January 2024 and arrested in April 2025 upon arrival at Dallas-Fort Worth International Airport from the United Kingdom.

Security Company Accused of Moving $123M via Crypto

Australian authorities recently charged four people in connection with an alleged A$190 million (~US$123 million) laundering scheme involving cryptocurrency and a Gold Coast security firm. The group moved illicit funds through courier services and converted them into crypto, blending them with legitimate business revenue.

The network used dead drops in multiple cities and air transport to move cash into Queensland. Some of the funds were funneled through a car dealership and a sales promotion company.

Authorities seized around A$21 million (~US$13 million) in assets, including 17 properties and several vehicles, and carried out 14 search warrants in Brisbane and the Gold Coast.

Law enforcement agencies are expanding cross-border coordination and blockchain surveillance to track crypto-linked fraud. Peer-to-peer platforms and foreign exchanges often limit recovery, especially when victims are used to move funds unknowingly.

Authorities warn that enforcement tools are still catching up. While blockchain data offers visibility, gaps in regulation and technical capacity continue to hinder timely intervention.

Frequently Asked Questions (FAQs)

How was the scam structured across multiple victims?

Victims were recruited separately, but one was used to channel funds from others. This layering technique helped obscure the source and destination of the money.

What sentencing could Nwadavid face?

He faces up to 20 years for each count, as well as fines, restitution, and deportation following any sentence.

Are romance scams increasingly linked to crypto?

Yes. Law enforcement has observed a growing trend of using cryptocurrency to launder proceeds from relationship-based fraud.


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Teen Pleads Guilty to $245 Million Bitcoin Theft, Feds Fear Escape Plan https://earlybirdsinvest.com/teen-pleads-guilty-to-245-million-bitcoin-theft-feds-fear-escape-plan/ https://earlybirdsinvest.com/teen-pleads-guilty-to-245-million-bitcoin-theft-feds-fear-escape-plan/#respond Mon, 23 Jun 2025 21:51:43 +0000 https://earlybirdsinvest.com/teen-pleads-guilty-to-245-million-bitcoin-theft-feds-fear-escape-plan/

On June 22, US federal prosecutors are urging the court to keep Veer Chatel, a 19-year-old, in custody after he admitted to stealing $245 million worth of Bitcoin
BTC


$103,262.51

.

They said the teenager might try to escape the country before sentencing, and that people he worked with could help him do it.

Recent unsealed documents revealed that Chatel pleaded guilty in Washington, DC, to participating in a 2024 scheme involving wire fraud and money laundering. The case centers on a large-scale Bitcoin theft carried out through fake tech support calls.

10 Biggest Crypto Scams & How to Avoid Them (ANIMATED)

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According to ZachXBT’s post on X, Chatel would call victims pretending to be from a company’s help desk. He would guide them through a process that gave his team access to their accounts.

Once inside, the attackers would trick victims into revealing their crypto wallet details. They then transferred the funds from Gemini



$328.55M

exchange accounts into wallets they controlled.

Authorities stated that Chatel used professional money launderers to hide the stolen funds. Along with his co-conspirators, Malone Lam and Jeandiel Serrano, he spent the money on watches, designer clothing, and several cars.

When the FBI searched his home, they found about $37 million in crypto connected to the heist. Officials also believe he defrauded around 50 more people, which generated another $3 million for himself.

As part of his plea deal, Chatel agreed to give up luxury goods purchased with the stolen money. He is expected to face between 19.5 and 24.5 years in prison, along with a fine that could range from $50,000 to $500,000.

Meanwhile, Global Ledger and Recoveris, in collaboration with Reuters, recently found that Russia’s Federal Security Service (FSB) has been using Bitcoin to pay a Canadian teenager. What was the FSB’s motive? Read the full story.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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Mastermind of $243,000,000 Bitcoin (BTC) Hack Cooperates With Feds, Pleads Guilty to Charges: Report https://earlybirdsinvest.com/mastermind-of-243000000-bitcoin-btc-hack-cooperates-with-feds-pleads-guilty-to-charges-report/ https://earlybirdsinvest.com/mastermind-of-243000000-bitcoin-btc-hack-cooperates-with-feds-pleads-guilty-to-charges-report/#respond Sun, 22 Jun 2025 16:04:54 +0000 https://earlybirdsinvest.com/mastermind-of-243000000-bitcoin-btc-hack-cooperates-with-feds-pleads-guilty-to-charges-report/

A Connecticut man involved with a massive theft of Bitcoin (BTC) from a Washington, D.C. victim reportedly pleaded guilty to fraud and money laundering conspiracy charges.

ABC News reports that Veer Chetal, who is among the three men charged with siphoning 4,100 BTC worth $243 million in an elaborate scam last August, also agreed to testify against his co-defendants, Malone Lam and Jeandiel Serrano.

Authorities say that the trio engaged in online social engineering attacks targeting cryptocurrency holders. Lam would send fake alerts to victims about unauthorized attempts to access their crypto accounts. Chetal and Serrano would then call and pose as representatives from companies like Google and Yahoo in an effort to access victims’ accounts.

Prosecutors say that Chetal, Lam and Serrano lived large after the heist, spending millions on cars, jewelry, rental mansions and nightclub parties.

But a week after the theft, Chetal’s parents were abducted in a botched ransom scheme. The suspects planned to demand payment from Chetal, believing he held large amounts of cryptocurrency.

But the abductors were arrested quickly after the police responded to eyewitness calls. An off-duty FBI agent also happened to be passing by just as the kidnapping unfolded.

Unsealed court documents also show that Chetal is being accused of playing a role in 50 similar heists that siphoned $3 million from victims between November 2023 and September 2024.

Chetal now faces up to 24 years in prison, a fine ranging from $50,000 to $500,000 and restitution to the victim.

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