Call Bitcoin a tool of crime and then receive corruption in cash and gold. That’s what just happened to Bob Menendez. This former US senator has just been sentenced to 11 years in prison for accepting bribes in gold and cash. In 2017, he called Bitcoin “the ideal choice for criminals”.
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Accusing Bitcoin of being a fraud tool while accepting bribes in cash and gold.
Bob Menendez is a well-known name in American politics. Before resigning in August 2024, this powerful Democrat represented New Jersey in the Senate for over 18 years.
Then Sen, Menendez was a fervent critic of Bitcoin. In 2017, he called Bitcoin “the perfect choice for criminals.” Recently, Senator Bob Menendez even introduced a bill aimed at mitigating the risk of Bitcoin adoption in El Salvador. The New Jersey elected official felt that Bitcoin opened the doors to money laundering and corruption.
Ironically, the former senator has just been convicted of corruption. However, he did not use Bitcoin, but gold and cash.
Bob Menendez sentenced to 11 years in prison
According to Reuters, former U.S. Senator Bob Menendez was sentenced to 11 years in prison for corruption. For the American judge Sidney Stein, the politician had received gold bars and cash in exchange for favors granted to Egyptian and New Jersey businessmen.
You were successful, you were powerful. You were at the top of our political system. I don’t know what drove you to commit these crimes.
Judge Sidney Stein
Former Senator Bob Menendez is not expected to begin serving his sentence immediately. According to the ruling, he will go to prison next June, while his wife’s trial begins in March. Nadine Menendez is also being prosecuted for… corruption.
It can’t be said often enough: crime via bitcoin is easily detectable. Unlike suitcases of cash or gold bullion, bitcoin transactions leave indelible traces. This is no coincidence that in some countries criminals are fleeing crypto and turning to banks. In 2023, illicit transactions through the traditional financial system reached $3,100 billion. Compared to 1.7 billion stolen from the crypto ecosystem in the same year, the gap is enormous.
I dream of a world where every citizen has total control over themselves, including their finances. I believe that Bitcoin is one of the tools that will achieve this revolution. Since 2019, I am learning about this cryptocurrency and spreading the word around.
