College Student Pleads To Drug, Money Laundering Counts

BUFFALO, N.Y. (AP) — A New York City resident has pleaded guilty to being part of a drug and money laundering conspiracy while attending college upstate.

Federal prosecutors in Buffalo say 20-year-old Zhe Wang of Queens sold Xanax and used the proceeds to buy or attempt to buy $74,000 in bitcoins. He then used that digital currency to buy more drugs to sell.

Wang was an engineering student at the University at Buffalo before his arrest in March. He now faces up to 20 years in prison after pleading guilty in federal court Tuesday.

U.S. Attorney William Hochul calls it a case of a virtual-world crime resulting in real-world punishment.

Charges are pending against two co-defendants.