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Risk Mitigation for Banks:
Unlicensed MSB Bitcoin ATM Case Study

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Unlicensed MSB Bitcoin ATM

In August 2019, Kunal Kalra pled guilty to US federal criminal charges for owning and operating an unlicensed MSB where he exchanged up to $25 million in cash and cryptocurrency for darknet drug dealers and other criminals in person and through his bitcoin ATM.

In this case study, we break down the details of the Kalra’s illegal activities—including how he skirted detection at a top 10 US bank—and show how banks can use CipherTrace Armada™ to uncover similar bad actors using crypto on their payment networks.

Here’s what you’ll learn from this case study:

  • The tactics Kalra used to skirt detection at his banks;
  • How Kalra used P2P cryptocurrency marketplaces to promote his unregistered MSBs;
  • The actions banks could have used to detect and take action against Kalra’s illicit activities.

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