ChainCatcher reported that the U.S. Attorney’s Office announced that 38-year-old Denver resident Jonathan Arvay was convicted of conspiracy to operate an illegal gambling network.
The gambling operation, which operated at multiple gaming halls in Colorado, used video games and a fake cryptocurrency, Obsidian Digital Asset Coin (ODAC), to disguise the exchange of points for cash. The only function of the cryptocurrency was to redeem cash at "cryptocurrency tellers" located next to or inside the casino, revealing money laundering and fraud.