LA Deputi Dem Guilty for ’Crypto Godfather‘ Extortion Scheme
Two Los Angeles County sheriff deputies, David Anthony Rodriguez and Christopher Michael Cadman, don plead guilty to civil rights conspiracy charges wey dey linked to high-profile crypto extortion ring wey Adam Iza, wey dey called the “Crypto Godfather,” dey lead. Federal prosecutors talk say di officers abuse their law enforcement power to file false search warrants, access police database, and intimidate victims.
For August 2021, Cadman hold one victim for gunpoint, force $25,000 transfer, later e come stage illegal traffic stop. Rodriguez dey falsify one July 2022 warrant to track target GPS location and share di info with extortionists. Cadman sef dey face charge for filing false tax return after e collect over $40,000 payment wey e no declare.
Both deputies work as private security contractors for Iza trading company, Zort, wey dem accuse for laundering millions and hacking Facebook accounts to steal more than $37 million. One third ex-deputy, Eric Chase Saavedra, don also plead guilty for the same conspiracy.
Adam Iza plead guilty to conspiracy, wire fraud and tax evasion; e fit carry maximum sentence of 35 years prison. Sentencing for all wey involved dey schedule later dis year. The case dey show di rise of crypto extortion schemes and concerns about law enforcement corruption.
Neutral
Dis kain case dey show di rising threat of crypto extortion plus how law enforcement fit corrupt, we fit make market people dey cautious small for short term. But since no particular cryptocurrency token involve for the matter, di direct effect for price no go big. From history, dis kain legal matter go cause market wahala if na big asset or ogbonge project dem dey involved. For dis case, di extortion group use different crypto assets without to mention any one token, so traders no likely to move their positions just because of dis news. So, even if di mood go low small, both for short and long term, di effect for token price go remain neutral.