FBI raid offices of tech hub used for unauthorised cryptocurrency trading

The FBI and Department of Homeland Security have raided the offices of a Michigan-based tech hub over unauthorised cryptocurrency trading

The FBI and Department of Homeland Security have raided the offices of Geek Group over unauthorised cryptocurrency trading, according to WoodTV.

Geek Group’s founder, Chris Boden, issued an explosive update on YouTube on Saturday evening, only to delete the video soon after.

Boden began his statement by claiming: “I did a stupid thing, I made a bad decision, so I’m going to pay for it.”

“I sold Bitcoin and I shouldn’t have done it,” Boden continued.

“I sold it to a lot of different people. It was small amounts, but I f****d up and I’m going to have to pay for that.

“If you sell $10 of Bitcoin to your buddy that’s fine, but if you’re selling Bitcoin as your job, that’s illegal. You have to have a bunch of licenses.

“I might go to prison and I’m f*****g terrified of that.”

In a following statement on his Facebook page, Boden remained cautious by saying: “On the advice of legal council I will not comment further on the Government’s ongoing investigation.”

Good afternoon everyone. :)I will be writing my official public statement, LIVE, here on the internet in just a few…

Posted by Chris Boden on Sunday, 6 January 2019


WoodTV report that Boden had been commercially trading cryptocurrencies without prior authorisation, prompting the raids from US federal agencies.

It is not known what charges Boden could face. Federal officials have declined to comment when approached by local broadcaster Wood TV.

Boden believes that he will face jail time and have to spend $100,000 in legal costs. Geek Group was created in 1994 before making a name for itself as a technology and science hub, providing a workplace for people and becoming an incubator for local innovation.

All of the company’s equipment, as well as the building itself, will be sold off following the raids.

Last week we reported New York has become the first state in the US to create a cryptocurrency task force to study how to properly regulate, define, and use cryptocurrency.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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