The Block reported that a U.S. court sentenced Maximilien de Hoop Cartier, a descendant of the luxury jewelry brand Cartier family, to 8 years in prison for laundering drug proceeds through the operation of an unlicensed over-the-counter (OTC) cryptocurrency exchange. He pleaded guilty to two charges, including operating an unlicensed money transmitting business and conspiracy to commit bank fraud, for allegedly transferring over $470 million in drug proceeds from U.S. bank accounts to Colombia. In addition to the prison sentence, the court also ordered the forfeiture of approximately $2.36 million and the confiscation of specific accounts held under the name of shell companies.
