United States Federal Government Seeks to Offer $24 Million In Confiscated Bitcoin

The United States government is seeking to forfeit 4,000 bitcoins that were seized during a crackdown of vendors on darkweb markets – an amount that worth over $24 million since press time.According to an announcement published by the Department of Justice for the District of Maryland on Tuesday, the prosecutors prosecuted two men, Ryan Farace and Robert Swain, both citizens of the state who presumably made drugs and distributed them through darkweb marketplaces.The implicated were even more declared to have gathered proceeds from drug sales in bitcoin in between November 2013 and June 2017, which were seized by police.”As part of the indictment, the government seeks the forfeit of no less than$5,665,000, plus the worth of 4,000 bitcoin believed to be the earnings of the unlawful drug sales,” the district attorneys said in the announcement. The demand, if approved, would mark the current addition to the existing swimming pool of cryptocurrencies taken by the U.S. federal government, which might be subject to more auction into the market.This is not the first time that U.S. authorities have taken bitcoins(or other cryptocurrencies) during a darkweb crackdown. Significantly, the United States government surrendered bitcoins from the founder of the defunct darkweb marketplace Silk Roadway and consequently auctioned 80,000 bitcoins from 2013 to 2014. Previously this year, the United States Marshals Service likewise held an auction of more than 3,800 bitcoins(worth$51 million)– the first because the sale of 2,700 bitcoins in 2016. In anotherindictment in March, the U.S. federal government was likewise looking to< a href=https://www.coindesk.com/the-us-government-wants-to-keep-5-5-million-in-seized-bitcoin/ target =_ blank rel=noopener data-wpel-link=internal > confiscate 500 bitcoins after charging four individuals for developing fake identification documents.The leader in blockchain news, CoinDesk is a media outlet that pursues the greatest journalistic requirements and abides by a rigorous set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which purchases cryptocurrencies and blockchain startups.