LA Rideshare Driver Arrested for COVID-19 Loan Fraud Tied to Crypto Purchases

A Los Angeles rideshare driver has been arrested on suspicion of defrauding the government of $2 million in COVID-19 relief funds, which were allegedly used to purchase cryptocurrencies.

According to authorities, the driver submitted false applications for loans under the COVID-19 relief program and used the funds to buy cryptocurrencies, rather than supporting businesses affected by the pandemic.

The arrest comes as Canada's financial regulator, FINTRAC, revokes 47 licenses from crypto sector companies in a crackdown on unregistered firms. This move aims to increase transparency and regulation in the industry.