U.S. Government Plans to Sell 2,933.64 Bitcoins Confiscated from Drug Trafficker
The U.S. government’s forfeiture division has announced its intention to sell 2,933.64 bitcoins that were confiscated from Ryan Farace, a drug trafficker also known as Xanaxman. Farace was charged in 2021 for laundering proceeds from drug sales, and he admitted to using the Silk Road marketplace. The forfeiture division aims to “dispose” of the bitcoins, which were formally seized in 2021 after Farace was caught attempting to transfer the funds. Farace and his father were sentenced earlier this year, with Farace receiving a 54-month prison term. The U.S. government has stated that interested parties can acquire the bitcoins by filing a petition within 60 days of the notice.
Farace’s Involvement in Darknet Markets and Bitcoin Transactions
Ryan Farace, also known as Xanaxman, was involved in the production and distribution of Xanax tablets in exchange for bitcoin. The transactions took place on darknet marketplaces, and Farace’s bitcoin wallets were found to have accumulated over 9,138 bitcoins from sources linked to darknet markets. Farace’s attorney described him as remorseful for his actions and the harm caused to his family.
Hot Take: U.S. Government Set to Auction Confiscated Bitcoins from Drug Trafficker
The U.S. government’s forfeiture division is planning to sell 2,933.64 bitcoins that were confiscated from a drug trafficker, Ryan Farace, who operated under the alias Xanaxman. Farace admitted to using the Silk Road marketplace for money laundering. This auction presents an opportunity for interested individuals to acquire the bitcoins by submitting a petition within 60 days. The involvement of cryptocurrencies in illegal activities continues to highlight the need for stricter regulations and law enforcement efforts. As the authorities seize and sell off these confiscated cryptocurrencies, it serves as a reminder of the potential risks and consequences associated with illicit activities in the crypto world.
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