Bitcoins [BTC] confiscated from darkweb market by the U.S. government 17258
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Ashmita Dutta
Jun 27, 2018 at 8:11 PM

Bitcoins [BTC] have recently been confiscated in bulk amount by the U.S. governmental officials in an endeavour to restrict darkweb market. During the strike, U.S. government seized from the darkweb vendors 4000 Bitcoins [BTC] which worth more than $24 million. According to a recent report by BCFocus, South Africa gets gets its first functional Bitcoin [BTC] based ATM.

Department of Justice for the District of Maryland released a report on Tuesday mentioning about the two convicts. The alleged men namely Robert Swain and Ryan Farace are U.S. citizens who were involved in illegal drug manufacturing. These two men were responsible for the distribution of the drugs via darkweb market space.

See also: Tether [USDT] token release worth $250 million incites investors to await Bitcoin [BTC] price hike

The two culprits have also been accused of collecting proceeds in Bitcoin [BTC] from drug sales. The malpractice was conducted by them for a period of nearly five years starting from November, 2013 till June, 2017. The law enforcement agency confiscated these proceeds as well.

According to the statement by the prosecutors, "As part of the indictment, the government seeks the forfeiture of no less than $5,665,000, plus the value of 4,000 bitcoin believed to be the proceeds of the illegal drug sales." The confiscation of these cryptocurrencies in the upcoming times may get auctioned in the market.

See also: Bitcoin [BTC] price hits 2018 low but cryptocurrency investors hopes for recovery

This case of digital currency confiscation by the U.S. government supplements to the already existing cases. This is, indeed, not the first case of the U.S. government to crush darkweb market.

Previous cases of cryptocurrency confiscation

In the initial phase of this year, 3800 bitcoins which amounts to nearly $51 million was auctioned by the U.S. Marshals Service. However, in 2016 there was another auctioning of 2700 Bitcoins [BTC].

In 2013-2014 the U.S. governmental body auctioned nearly 80,000 Bitcoins [BTC]. In this case, the Bitcoins [BTC] belonging to the darkweb market space Silk Road founder seized.

Furthermore, in March, 2018 500 Bitcoins [BTC] were at the target of the U.S. government once they accused four people since they created fake documents of identification.

Image via Google

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