DOJ To Control $54,000,000 in Crypto From Illegal Narcotics Scheme

It has been just revealed the fact that DOJ will control $54 million in crypto from an illegal narcotics scheme. Check out the latest reports about the matter below.

The U.S. Department of Justice (DOJ) has announced its unwavering commitment to seize millions of dollars worth of cryptocurrency that was allegedly obtained through the sales of illegal drugs.

The DOJ has filed a forfeiture action against $54 million worth of crypto assets that can be traced back to an illegal drug ring, and it is confident in its ability to succeed.

As per the DOJ, Christopher Castelluzzo, who is currently serving a sentence, had conspired with others to sell illegal substances between 2010 and 2015, but the DOJ is determined to bring justice to such criminal activities.

It is alleged that the perpetrator converted his illegal profits into digital assets, including 30,000 Ether during Ethereum’s initial coin offering in 2014, which is the same cryptocurrency that the government is trying to seize.

In 2016, he also acquired 30,000 Ethereum Classic and used it to purchase other cryptocurrencies. While in prison, he reportedly attempted to evade paying taxes by moving his Ether, which had grown to a value of $54 million since he first obtained it, to another country.

However, the authorities discovered his plan through a phone conversation that they intercepted.

It has been also revealed the fact that the Department of Justice is now taking steps to officially confiscate the cryptocurrency assets that were obtained through illegal activities.

The US Attorney Philip R. Sellinger stated the following in the press release:

“The civil action we are taking today seeks to recover millions of dollars of cryptocurrency, which the defendant allegedly obtained from drug sales. Whether it’s as simple as bags of cash or as sophisticated as cryptocurrency, we will take the steps necessary to seize financial gains defendants obtain from criminal activity.”