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Millionaire Bitcoin trader Sam Karagiozis gets arrested for drug trafficking

A famous Bitcoin trader who has been a self-made person and started crypto ATMs in Australia was recently arrested on charges of drug trade.

Sam Karagiozis was arrested for supposedly trading drugs methamphetamine, cocaine, ketamine, and MDMA of around 30 kgs in total.

He was found guilty on 14 charged in regard to drug trafficking, import, and ownership. It is a drastic fall from elegance for the self-made tycoon.

Last week AUSTRAC and AFP carried out raids on Karagiozis’s properties in Malvern,  Templestowe, and Bulleen, and where they discovered cash, steroids, and crypto items. Police claim Karagiozis had led an organized corruption system that had trafficking drugs accepted off the dark website with the help of bitcoin interpretations and genuine occupational for delivery and payment. Karagiozis’s two digital currency exchange industries have been deferred.

The Criminal Assets Confiscation Taskforce (CACT) which is spearheaded by AFP confiscated possessions amounting to $2million, which included bank accounts, cash, cryptocurrency, vehicles, and real estate.

Detective Superintendent Hopkins said,

Hopkins saidKaragiozis admitted, 

Karagiozis admittedBesides the Bitcoin crash, Karagiozis also experienced huge challenges with the launch of Auscoin— his own cryptocurrency. Karagiozis and other investors were hopeful of raising $30 million from Auscoin’s initial coin offering (ICO) but fell short in a big way.

Karagiozis seemed to attend the Melbourne Magistrates Court on, 7 March where he was declined bail. The Bulleen in 15 years old had left the university to work full-time at McDonald’s, and by his early 20s, he had a multi-million dollar property before the Canberra-based businessperson made the brave choice to invest in cryptocurrency. He began his reputation with his rags to a riches success story in 2017. He even made friends with tennis superstar Nick Kyrgios as well as Christos, and self-confessed selling them ‘quite a bit’ of Bitcoin, before sitting in Nick’s player’s box at the Australian Open.

Edward Nash

Edward Nash is an editor and analyst with over 10 years of financial market experience. Prior to joining CoinNewsSpan, he worked in several famous financial institutions. He has been active in the cryptocurrency market since 2011, specializing in technical analysis of current crypto trends and offering analytical opinion-based pieces.

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