Residents of Denver, USA convicted for illegal gambling operations involving fake cryptocurrency
ChainCatcher News, the U.S. Attorney's Office announced that 38-year-old Denver resident Jonathan Arvay has been convicted of conspiring to operate an illegal gambling network.
His gambling operation spanned multiple gaming halls across Colorado, using electronic games and a fake cryptocurrency called Obsidian Digital Asset Coin (ODAC) to disguise the operation of redeeming points for cash. The sole function of this cryptocurrency was to exchange cash at "cryptocurrency ATMs" located next to or inside the casinos, revealing money laundering and fraud activities.
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