Bitcoin [BTC] in exchange for drugs: US State to confiscate $24 million!

The U.S. Government is trying to relinquish 4,000 Bitcoin tokens that were seized amidst a crackdown of merchants on dark web commercial centers – a sum that values over $24 million at the time of writing.

As per a declaration distributed by the Department of Justice for the District of Maryland on Tuesday, the prosecutors arraigned two men, Ryan Farace and Robert Swain, the two occupants of the state who supposedly made drugs and channeled them through dark web commercial centers.

The blamed were additionally affirmed to have gathered savings of Bitcoin from drug deals between November 2013 and June 2017, which were seized by the law implementations.

The prosecutors at the declaration stated:

“As part of the indictment, the government seeks the forfeiture of no less than $5,665,000, plus the value of 4,000 bitcoin believed to be the proceeds of the illegal drug sales”

The announcement of the declaration has proceeded and if approved, the confiscated Bitcoin tokens will be added to the current pool of cryptocurrencies confiscated by the U.S. government, which are subject to further auction into the crypto-market.

This is clearly not the first time that the US has confiscated cryptocurrencies. Former President Barack Obama since 2015 has set declarations on confiscating of illegal transactions.

The declaration by Obama stated:

“I find that because of the ability to transfer funds or other assets instantaneously, prior notice to such persons of measures to be taken pursuant to this order would render those measures ineffectual. I therefore determine that for these measures to be effective in addressing the national emergency declared in this order, there need be no prior notice of a listing or determination made pursuant to section 1 of this order.”

An executive order signed by Former President Barack Obama has enabled US authorities to become the first to confiscate cryptocurrency holdings without warning. The document contains few details as to how such confiscation procedures would be implemented.

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