The DEA Seizes $150 Million in Cryptocurrency from Dark Web Narcotics Network
The United States Drug Enforcement Administration (DEA) has made its largest cryptocurrency seizure to date, targeting an illegal network involved in drug trafficking on the dark web. The Department of Justice (DoJ) announced that $150 million in digital assets were confiscated from an operation run by Banmeet Singh, an Indian national who pleaded guilty to drug distribution and money laundering charges.
Nature of the Operation
Singh’s illicit enterprise operated between mid-2012 and July 2017, with distribution networks across multiple US states, including Florida, Maryland, New York, and Washington. Using the online pseudonym ‘Liston,’ Singh marketed controlled substances such as fentanyl, LSD, ecstasy, Xanax, Ketamine, and Tramadol on dark web marketplaces. Customers paid for these drugs using cryptocurrency.
Singh was arrested in London in April 2019 and subsequently extradited to the United States. He established online storefronts where customers placed orders and conducted cryptocurrency transactions. Singh then arranged for the transportation of drugs into the US from European suppliers using postal services and alternative delivery methods.
Government Crackdown on Cryptocurrencies Used for Illegal Activities
This operation is part of the Organized Crime Drug Enforcement Task Force (OCDETF) investigation, which involves multiple agencies working together. It reflects ongoing efforts by various US government entities to combat the use of cryptocurrencies in facilitating illegal activities.
Hot Take: DEA Makes Historic Seizure of Cryptocurrency in Dark Web Drug Bust
The DEA’s seizure of $150 million in cryptocurrency from a dark web narcotics network highlights the authorities’ determination to hold criminals accountable for their actions. By targeting illicit operations that utilize cryptocurrencies, law enforcement agencies are disrupting the infrastructure that supports illegal drug trafficking. This case serves as a warning to individuals involved in similar activities that they can be traced and prosecuted, regardless of how they try to conceal their actions. The collaborative efforts of different government entities demonstrate a commitment to combatting the misuse of cryptocurrencies and safeguarding public safety.
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