U.S. Judge Says Bitcoin Is Money In A Case Tied To JPMorgan Hack

U.S. District Judge Alison Nathan in Manhattan rejected a bid by Anthony Murgio to dismiss two charges related to his alleged operation of Coin.mx, which prosecutors have called an unlicensed bitcoin exchange.

Bitcoin has finally qualified as money even by the judge on Monday When a federal judge ruled in a decision that is linked to a criminal case, which involves JPMorgan Chase & Co and other companies against hacking attacks. U.S. District Judge Alison Nathan in Manhattan just rejected a bid by Anthony Murgio to dismiss two charges that were related to his alleged operation of Coin.mx and the prosecutors have called it as a licensed bitcoin exchange.

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Later Murgio argued about an issue that bitcoin did not qualify as “funds” under the federal law prohibiting as the operation of an unlicensed money transmitting businesses. From the judge’s statement, the virtual currency met the definition below.

“Bitcoins are funds within the plain meaning of that term,” Nathan wrote. “Bitcoins can be accepted as a payment for goods and services or bought directly from an exchange with a bank account. They, therefore, function as pecuniary resources and are used as a medium of exchange and a means of payment.”

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Nathan wrote that “the decision did not address six other criminal counts that Murgio faces”.

A lawyer for Murgio, Brian Klein said he disagreed with the decision. Later added a statement, “Anthony Murgio maintains his innocence and looks forward to clearing his name at his upcoming trial”.

Murgio was charged over the operation of Coin.mx by Prosecutors following up with him even his father Michael was charged for participating in bribery aimed at supporting it in April.

Authorities stated that Coin.mx was owned by Gery Shalon. He is an Israeli man charged with running a sprawling computer hacking and fraud scheme targeting a dozen companies along with two others including JPMorgan and for exposing personal data of more than 100 million people.

Prosecutors said, “that alleged scheme generated hundreds of millions of dollars of profit through pumping up stock prices, online casinos, money-laundering, and other illegal activity”.

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