0
📰 News
517 views

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


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

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.

👉MUST READ

US Government Yet to Decide What to Do with OxyMonster’s $700,000 Bitcoin Stash

US Government Yet to Decide What to Do with OxyMonster’s $700,000 Bitcoin Stash

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.

👉MUST READ

US Secret Service Seized $217,000 Worth of Crypto from Infamous British Hacker

US Secret Service Seized $217,000 Worth of Crypto from Infamous British Hacker

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.

Cover image via u.today
Only the most important posts per day. Infographics, analytics, reviews & summaries. Follow us on Facebook!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings