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Police Conduct South Australia's Record-Breaking Crypto Seizure

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Fri, 11/26/2021 - 08:17
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Alex Dovbnya
A record-breaking amount of crypto was confiscated during a drug bust in South Australia
Police Conduct South Australia's Record-Breaking Crypto Seizure
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Three people (two men and one woman) have been nabbed by South Australia police in the state's largest dark web drug bust, 7NEWS Adelaide reports.

The authorities confiscated a record-breaking A$700,000 ($499, 301) worth of crypto on top of a pile of cash, a motorcycle and houses. A trove of drugs, which includes LSD and cocaine, were also seized from the trio.

They allegedly used dark web forums in order to traffic the illegal substances from overseas.

The drug traffickers will stand trial next year. They remain in custody for now after being slapped with several charges.

Related
$3 Billion Silk Road-Related Bitcoin Seizure Linked to Secret Service Agent
In August, Victoria Police confiscated $8.5 million ($6 million) worth of Bitcoin linked to the infamous Silk Road marketplace that was shut down by U.S. authorities in 2013. Its founder, Ross Ulbricht, is serving a double life sentence.

Last year, a teenager from Australia was arrested after sending cocaine, MDMA and Ketamine via mail.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with 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, can be contacted at alex.dovbnya@u.today.