Advertisement
AD

Main navigation

$1.9 Mln Worth of Bitcoin Seized from Canadian Dark Web Drug Dealer

Advertisement
Thu, 4/04/2019 - 6:11
$1.9 Mln Worth of Bitcoin Seized from Canadian Dark Web Drug Dealer
Cover image via U.Today
Read U.TODAY on
Google News
Advertisement

The Toronto Star reports that an eye-popping $1.9 mln has been seized from Canadian drug dealer Matthew Phan. This is Canada’s first seizure of Bitcoin to date.

Related

Phan’s Bitcoin riches

Phan, who pleaded guilty to charges for drug trafficking, earlier claimed that not all of his coins were used for nefarious purposes. However, Superior Court Justice Jane Kelly ordered that forfeiture of 281.41 BTC (the whole amount that was found on Phan’s computer).

While explaining the reason behind her decision, the judge stated that there was ‘overwhelming evidence’ that Phan was selling illegal drugs en masse. Hence, it was a ‘reasonable inference’ to suggest that the Bitcoin stash, which was found in the drug dealer’s digital wallet, was used as a means of payment.

Related

Outperforming Oxymonster   

Still, Phan won’t be left empty-handed. Kelly also concluded that 7.23 BTC will not be seized given that this sum wasn’t related to Phan’s criminal activities.

Phan is yet to be sentenced, but he may face decades in prison. As reported by U.Today, French dark web dealer Gal Vallerius, who’s better known as ‘Oxymonster’, was sentenced to 20 years in prison.

Advertisement

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD