Prosecutors Have Forfeited $34M In Cryptocurrency Linked To Illegal Dark Web Activity.

Prosecutors in Florida’s Southern District seized roughly $34 million in cryptocurrency linked to illegal dark web activities.

Prosecutors in Florida’s Southern District impounded roughly $34 million in cryptocurrency linked to illicit dark web activities. According to the US Department of Justice, it’s “one of the largest cryptocurrency forfeiture actions ever filed by the United States”.

Asset forfeiture is a legal technique used to take money from individuals who have made money illegally. According to a DOJ investigation, law enforcement officials found a South Florida resident who was “raking in millions” by using an alias to conduct over 100,000 unlawful goods transactions and stolen account information for services like Netflix and Uber on dark markets accessed through the TOR Network.

Furthermore, the person hid their transaction history on the blockchain by using tumblers and dark web money transmitters to exchange multiple cryptocurrencies, which, according to the DOJ, violates federal money laundering statutes. According to the DOJ, “Law enforcement agents seized various cryptocurrency wallets associated with the illegal Dark Web conduct,”

The Organized Crime Drug Enforcement Task Forces (OCDEF), a multi-agency coalition, was in charge of the forfeiture operation.

According to the DOJ, “the principal mission of the OCDETF program is to identify, disrupt, and dismantle the highest-level drug traffickers, money launderers, and other priority transnational criminal organizations that threaten the citizens of the United States.”

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