{"id":186749,"date":"2023-11-03T19:24:43","date_gmt":"2023-11-03T13:54:43","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=186749"},"modified":"2023-11-03T19:24:43","modified_gmt":"2023-11-03T13:54:43","slug":"us-seizes-54m-crypto-including-ethereum-in-narcotics-scheme-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/us-seizes-54m-crypto-including-ethereum-in-narcotics-scheme-crypto-news\/","title":{"rendered":"US Seizes $54M Crypto, Including Ethereum, In Narcotics Scheme – Crypto News"},"content":{"rendered":"

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A recent filing<\/a> showed that the U.S. Attorney\u2019s Office is taking legal action to recover more than $54 million in cryptocurrency linked to an illegal narcotics distribution scheme. The cryptocurrency, including 30,000 Ethereum (ETH) valued at approximately $53.5 million, was previously seized and can be traced back to criminal activities. Meanwhile, the move highlights authorities\u2019 commitment to pursuing gains obtained through illicit means, even in the realm of cryptocurrency.<\/p>\n

U.S. Attorney Seizes Crypto Worth $54 In Narcotics Link<\/h2>\n

The U.S. Attorney\u2019s Office, led by Philip R. Sellinger, has initiated a civil forfeiture action to reclaim cryptocurrency<\/a> valued at over $54 million, which is connected to illegal narcotics distribution on the darknet, mainly in New Jersey.<\/p>\n

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Sellinger stressed that they would seize any financial gains obtained from criminal activities, regardless of whether they involve physical cash or cryptocurrencies. Notably, this action serves as a warning to those who believe cryptocurrency transactions can shield their illicit behavior from law enforcement.<\/p>\n

Meanwhile, the scheme involved Christopher Castelluzzo and his associates, who conspired to sell narcotics between 2010 and 2015. Notably, they expanded their operations to the darknet around 2013, accepting Bitcoin<\/a> for their illegal goods.<\/p>\n

Also Read: Cardano (ADA) Defies Broader Market Correction Amid Whale Transactions, What\u2019s Next?<\/a><\/strong><\/p>\n

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A Multi-Agency Effort for Justice<\/h2>\n

The filing showed that Castelluzzo used Bitcoin earnings to acquire 30,000 ether during Ethereum\u2019s initial coin offering (ICO)<\/a> in 2014, alongside 30,000 Ethereum Classic in 2016. Notably, the cryptocurrency obtained through these illicit means is now subject to forfeiture.<\/p>\n

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Castelluzzo, currently serving a 20-year sentence for drug distribution convictions, had hatched plans to evade taxes and move the 30,000 ether overseas while in prison. However, U.S. authorities uncovered these plans from recorded prison telephone calls in 2021 and seized the cryptocurrency linked to his drug trafficking.<\/p>\n

Meanwhile, this forfeiture action is the result of a collaborative effort between several agencies, including the FBI\u2019s Virtual Assets Unit, Homeland Security Investigations, and local law enforcement. It sends a strong message that the law enforcement community can successfully trace and apprehend criminals who attempt to use cryptocurrencies for illegal activities.<\/p>\n

As the case unfolds, it underscores the importance of compliance and accountability within the cryptocurrency space and demonstrates the government\u2019s determination to bring criminals to justice even in the crypto realm.<\/p>\n

Also Read: US SEC Likely To Approve Spot Bitcoin ETF In November, Says Valkyrie CIO Steven McClurg<\/a><\/strong><\/p>\n

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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A recent filing showed that the U.S. Attorney\u2019s Office is taking legal action to recover more than $54 million in cryptocurrency linked to an illegal narcotics distribution scheme. The cryptocurrency, including 30,000 Ethereum (ETH) valued at approximately $53.5 million, was previously seized and can be traced back to criminal activities. Meanwhile, the move highlights authorities\u2019 […]<\/p>\n","protected":false},"author":2,"featured_media":157922,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-186749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/186749","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=186749"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/186749\/revisions"}],"predecessor-version":[{"id":186751,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/186749\/revisions\/186751"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/157922"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=186749"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=186749"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=186749"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}