Breaking News

Bitcoin Ruled as Money by Second Judge
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Bitcoin

Summary: Another judge has ruled that bitcoin meets the definition of being legitimate money in a criminal case against Bitcoin.mx leader Anthony Murgio.

A federal judge stated in her ruling Monday that Bitcoin is money. The ruling came in a criminal case regarding hacking attacks on JPMorgan Chase & Co as well as other companies.

  
What
Where


Anthony Murgio plea for the dismissal of two charges against his operation of Coin.mx was rejected by U.S. District Judge Alison Nathan. Prosecutors called his operation an unlicensed bitcoin exchange. Murgio argued that bitcoin does not qualify as money under federal laws prohibiting the operation of unlicensed money transmitting businesses.

Read Vice President of Bitcoin Arrested for Laundering.

Judge Nathan is the second judge to come to the conclusion that virtual currency does actually meet that definition. Judge Jed Rakoff ruled on his unrelated case in 2014. Nathan explained, “Bitcoins are funds within the plain meaning of that term. Bitcoins can be accepted as a payment of goods and services or bought directly from an exchange with a bank account. They therefore function as pecuniary resources and are used as a medium of exchange and a means of payment.”

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Murgio faces six other criminal counts. His lawyer Brian Klein disagreed with the one ruling. He said, “Anthony Murgio maintains his innocence and looks forward to clearing his name at his upcoming trial.” Murgio was charged last year for his operation of Coin.mx and his father was charged last April for bribery in supporting the operation.

See Alibaba Ban: China Tightens Rules around Bitcoins.



Coin.mx is owned by Gery Shalon, an Israeli man, and two other men. They have been charged with running an extensive compute hacking and fraud scheme that targeted several companies including JPMorgan. The personal data of over 100 million people was exposed in the process. Hundreds of millions of dollars in profit was generated through the scheme by inflated stock prices, money laundering, online casinos, and other illegal acts.

Shalon has pleaded not guilty while he is held at the Metropolitan Correctional Center in Manhattan. He has hired new lawyers and is seeking permission to add them onto the case.

Have you ever used Bitcoin? If so, tell us your experience in the comments below.

To learn more about Bitcoin, read Bitcoin in Money Laundering Operations.

Photo: idimmu.net



 

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Complex Litigation Attorney with 3-5 years of arbitration experience

USA-FL-Miami

Miami office of our client seeks complex litigation attorney with 3-5 years of law firm experience i...

Apply Now

Senior Business & Commercial Litigation Attorney

USA-CA-Irvine

Irvine office is seeking a business and commercial litigation attorney with 5+ years of experience. ...

Apply Now

Commercial Litigation Attorney with 1-3 years of experience

USA-TX-Dallas

Dallas office of our client seeks litigation attorney with 1-3 years of experience. The candidate wi...

Apply Now

Labor and Employment Attorney with 3-4 years of litigation experience

USA-CA-Los Angeles

Los Angeles office of our client seeks labor and employment attorney with 3-4 years of litigation ex...

Apply Now

RELEVANT JOBS

Paralegal

USA-AL-Montgomery

Overview The Southern Poverty Law Center is dedicated to fighting hate and bigotry and to seeking...

Apply now

Legal Assistant- Bilingual

USA-NV-Las Vegas

Prestigious personal injury firm seeks superstar BILINGUAL legal assistant! Candidate MUST have...

Apply now

Commercial Real Estate Associate

USA-NY-Rochester

Searching for an experienced commercial real estate associate. Ideally, this candidate has gained th...

Apply now

Paralegal / Legal Assistant

USA-LA-New Orleans

New Orleans law firm, Herman, Herman & Katz, seeking to hire a paralegal with at least five years ex...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top