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Topic: Dark Web Drug Dealer Indicted for Laundering $137 Million in Bitcoin From Prison - page 2. (Read 260 times)
August 16, 2021, 01:30:27 AM
I wonder how he tried to wash this money. I mean it raises some serious eyebrows when you start to buy properties with some shady income that you probably aren't even paying taxes for. Someone should write a manual on "how to wash money properly" for criminals .
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August 16, 2021, 12:52:39 AM
So of course, instead of the bigger picture that US prisons still provide a fertile breeding ground for crime and has also for decades been known for facilitation or such types of organized crime, Bitcoin is still the main feature here.
He simply chose a method of payment. If he had used credit cards or the banks, it wouldn't have been mentioned.
He simply chose a method of payment. If he had used credit cards or the banks, it wouldn't have been mentioned.
August 15, 2021, 11:32:11 PM
Laundering money and continuing drug activity while in prison isn't anything new though, and is definitely not exclusive to Bitcoin. Drug kingpins have done this since forever; and it's not like the drug dealer has a computer in prison to do the laundering.
August 15, 2021, 01:13:12 PM
It's weird how they can lead this kind of operations from inside a prison. That's a clue that the prison system in functioning properly. That's government fault and it should be corrected.
The thing is this kind of news portrait the wrong image about crypto for the general public. The news piece is also pretty abstract. We don't have exact details on how it used Bitcoin inside the prison.
The thing is this kind of news portrait the wrong image about crypto for the general public. The news piece is also pretty abstract. We don't have exact details on how it used Bitcoin inside the prison.
August 15, 2021, 12:31:08 PM
It is the dark side of crypto which prints bad impression on the minds of people about crypto. It is not that crypto is bad, but the intentions of some people to conduct dark things with it make it look bad in the eyes of both, general public and regulatory bodies and then, they all give bad reviews about crypto to governments which then turns down to bans or blockages by stopping people dealing in crypto. We need more secure environment which could help crypto users utilise its advantages to its peak but won't be allowed to do anything wrong with the powers in their hands.
August 15, 2021, 11:34:21 AM
A Maryland-based dark web drug dealer known as Xanaxman has been charged by a Maryland federal court with embezzling $ 137 million in bitcoin from prison.
Xanaxman, originally named Ryan Farace, was jailed three years ago for selling Alprazolam, an anxiolytic drug on the Dark Web.
In November 2018, the court ordered Farace to confiscate 4,000 bitcoins obtained from the sale of drugs. That bitcoin was worth $ 16,800 at the time. But today it is worth $ 187.2 million. He was also ordered to hand over $ 5.6 million in cash and property.
Farace continued money laundering while serving a 57-month prison sentence, according to a federal indictment that was overturned by a court on Wednesday.
The indictment alleges that Farace, with the help of his father Joseph Farace, laundered money through drugs between October 2019 to April 2021.
In connection with these allegations, the Drug Enforcement Administration seized 2,875 bitcoins in February and another batch of 59 bitcoins in May, the value of which is 137 million today. Is the dollar.
Although the indictment alleges proceeds from drug trafficking, it is unclear whether these were bitcoin assets that the government did not previously know about or bitcoin that it somehow obtained in prison.
Dark web and crypto
Reliable data about the dark web, let alone the use of crypto on the dark web, is difficult to obtain. In one attempt, blockchain analytics firm Chainalysis estimated that over $800 million in cryptocurrencies was sent to dark web markets in 2019.
The Silk Road, a marketplace popular for buying illicit drugs on the dark web, was forced to shut down by the FBI in 2013. The agency seized 173,991 Bitcoin (worth $33.6 million at the time), but there’s still 444,000 Bitcoin missing; 70,000 Bitcoin that mysteriously moved in November 2020, was part of that batch, according to blockchain analytics firm Elliptic.
The US government auctions seized Bitcoin, often at a premium. In 2014, venture capitalist Tim Draper acquired 30,000 Bitcoin confiscated from the Silk Road at an undisclosed price.
Source: https://decrypt.co/78585/dark-web-drug-dealer-indicted-for-laundering-137-million-in-bitcoin-from-prison
Xanaxman, originally named Ryan Farace, was jailed three years ago for selling Alprazolam, an anxiolytic drug on the Dark Web.
In November 2018, the court ordered Farace to confiscate 4,000 bitcoins obtained from the sale of drugs. That bitcoin was worth $ 16,800 at the time. But today it is worth $ 187.2 million. He was also ordered to hand over $ 5.6 million in cash and property.
Farace continued money laundering while serving a 57-month prison sentence, according to a federal indictment that was overturned by a court on Wednesday.
The indictment alleges that Farace, with the help of his father Joseph Farace, laundered money through drugs between October 2019 to April 2021.
In connection with these allegations, the Drug Enforcement Administration seized 2,875 bitcoins in February and another batch of 59 bitcoins in May, the value of which is 137 million today. Is the dollar.
Although the indictment alleges proceeds from drug trafficking, it is unclear whether these were bitcoin assets that the government did not previously know about or bitcoin that it somehow obtained in prison.
Dark web and crypto
Reliable data about the dark web, let alone the use of crypto on the dark web, is difficult to obtain. In one attempt, blockchain analytics firm Chainalysis estimated that over $800 million in cryptocurrencies was sent to dark web markets in 2019.
The Silk Road, a marketplace popular for buying illicit drugs on the dark web, was forced to shut down by the FBI in 2013. The agency seized 173,991 Bitcoin (worth $33.6 million at the time), but there’s still 444,000 Bitcoin missing; 70,000 Bitcoin that mysteriously moved in November 2020, was part of that batch, according to blockchain analytics firm Elliptic.
The US government auctions seized Bitcoin, often at a premium. In 2014, venture capitalist Tim Draper acquired 30,000 Bitcoin confiscated from the Silk Road at an undisclosed price.
Source: https://decrypt.co/78585/dark-web-drug-dealer-indicted-for-laundering-137-million-in-bitcoin-from-prison
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