September 29, 2022

$2.3 million bitcoin confiscated from darknet dealer in US

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A resident of Brockton, Massachusetts, was sentenced to eight years in prison for drug trafficking for bitcoin and confiscated cryptocurrency worth about $2.3 million, according to the Boston Herald.

According to the publication, this is the first such withdrawal of digital assets in favor of the federal authorities.

Binh Thanh Le, 25, started the EastSeyHigh darknet marketplace about three years ago. The dealer earned 59 BTC by selling synthetic drugs through the site. The authorities seized the cryptocurrency during a police operation in 2019, when it was worth approximately $200,000.

In addition to digital assets, the court confiscated about $115,000 in cash from Binh Thanh Le and a BMW M3 sports car, which the authorities sold for $42,390.

Recall, according to Chainalysis, darknet markets are the largest source of illegal cryptocurrencies. In 2021, cybercriminals laundered $8.6 billion worth of digital assets, which is 30% more than in 2020.

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