NEW YORK, NY – Anthony R. Murgio, operator of the illicit Bitcoin exchange Coin.mx, pleaded guilty today to charges stemming from a multi-million dollar scheme that laundered over $10 million in illegal funds. The operation, exposed by federal investigators, involved a sophisticated attempt to disguise illicit Bitcoin transactions and a brazen takeover of a New Jersey federal credit union.
According to court documents, Murgio knowingly ran Coin.mx – an internet-based Bitcoin exchange – between 2013 and 2015, flagrantly violating federal anti-money laundering laws. He and his co-conspirators didn’t bother with pesky regulations like state licensing or federal registration required by the Treasury Department. Instead, they built a sham front company, “Collectables Club,” to mask the true nature of their business.
The scheme was remarkably simple in its audacity. Murgio used Collectables Club to open bank accounts, falsely presenting Coin.mx as a harmless association of collectible enthusiasts. He deliberately miscoded transactions, and instructed customers to lie to their banks, claiming Bitcoin purchases were for tangible collectibles. This deception allowed the illegal flow of over $10 million in Bitcoin-related transactions through the financial system, all while dodging scrutiny.
But Murgio’s ambition didn’t stop at a fraudulent exchange. In 2014, he and his crew seized control of the Helping Other People Excel Federal Credit Union (HOPE FCU) in New Jersey, a credit union serving a primarily low-income membership. More than $150,000 in bribes secured their influence, installing co-conspirators on the Board of Directors and transferring Coin.mx’s banking operations to the compromised credit union.
When the National Credit Union Administration (NCUA) attempted a routine examination of HOPE FCU in late 2014, Murgio and his co-conspirators launched an obstruction campaign, desperate to maintain control and conceal the illegal Coin.mx operation. Details of that obstruction remain under seal, but it’s clear they attempted to manipulate the regulatory process.
U.S. Attorney Preet Bharara, speaking before Murgio’s guilty plea, characterized the operation as a “new age approach to an age-old crime of fraud.” Murgio, who pled guilty before U.S. District Judge Alison J. Nathan, is scheduled for sentencing on June 16, 2017. This case marks the third guilty plea related to the Coin.mx scheme, signaling a continued crackdown on cryptocurrency-facilitated crime. The U.S. Attorney’s Office has not commented on potential further indictments.
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Key Facts
- Agency: U.S. Secret Service
- Category: Fraud & Financial Crimes
- Source: Official Press Release
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