US State Seeks to Confiscate $24 Million in Dark Web Bitcoin

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The United States federal government is seeking to forfeit 4,000 bitcoins that were taken during a crackdown of suppliers on darkweb markets– a quantity that worth over $24 million as of press time.According to a statement released by the Department of Justice for the District of Maryland on Tuesday, the prosecutors indicted 2 males, Ryan Farace and Robert Swain, both homeowners of the state who presumably produced drugs and distributed them through darkweb marketplaces.The accused were further alleged to have gathered proceeds from drug sales in bitcoin between November 2013 and June 2017, which were seized by police.” As part of the indictment, the federal government looks for the forfeit of no less than$ 5,665,000, plus the worth of 4,000 bitcoin thought to be the profits of the illegal drug sales,” the prosecutors said in the announcement. The demand, if authorized, would mark the most recent addition

to the existing pool of cryptocurrencies seized by the U.S. government, which could be based on more auction into the market.This is not the first time that U.S. authorities have actually seized bitcoins( or other cryptocurrencies) during a darkweb crackdown. Significantly, the U.S. federal government surrendered bitcoins from the founder of the defunct darkweb market Silk Roadway and consequently auctioned 80,000 bitcoins from 2013 to 2014. Earlier this year, the United States Marshals Service likewise held an auction of more than 3,800 bitcoins (worth$ 51 million

)– the very first given that the sale of 2,700 bitcoins in 2016. On the other hand, in another indictment in March, the United States federal government was also seeking to take 500 bitcoins after charging 4 people for producing fake recognition documents.Bitcoin image via Shutterstock The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic requirements
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