Hacking News
Rochester Man Sentenced for Bitcoin Fraud Scheme
A Rochester man, Timothy Wadsworth, received a 51-month federal prison sentence for a fraud scheme that converted unauthorized credit card payments into bitcoin. Wadsworth processed hundreds of attempted charges using account numbers supplied by co-conspirators, totaling $1,673,578. The Department of Justice (DOJ) announced his conviction for conspiracy to commit wire fraud and money laundering. Wadsworth moved a portion of the money to Coinbase, where he purchased bitcoin and sent it to co-conspirators. His schemes involved approximately $2.06 million in combined actual and intended losses, including false applications through the Economic Injury Disaster Loan program during the pandemic.