New Zealand make an arrest and seize $6.7 million in cryptocurrency

A man has been arrested on reported money laundering an illicit operations of piracy.
The authorities seized cryptocurrency assets worth some $6.7 million.

Ken Chigbo Independent Analyst

Authorities in New Zealand have arrested a man and seized crypto assets worth some $6.7 million, plus more than a million in bank funds.

The programmer and movie pirate, Jaron David Mclvor, has been taken in by authorities after the investigation of an online movie piracy case.

Banks and other financial institutions have the authority to freeze bank accounts if there is a suspicion that they earned it through illicit means. This allowed the police to seize more than a million dollars that he had stored in his bank account.

Jaron had reportedly earned around 2 million dollars through the website, which he received through PayPal and Stripe. Apparently, he had accumulated the remaining wealth by trading digital currencies.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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