The US Department of Justice announced a seizure carried out by the Southern District of Florida, seizing approximately $34 million worth of coins and crypto from a Dark Web seller.
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According to a recent announcement, illegal cryptocurrencies were seized from a South Florida resident who allegedly used an online alias and sold more than 100,000 illegal items on Dark Web marketplaces. The bulk of the sales are said to be hacked account information from a number of major services, including HBO, Netflix, Uber and others.
Prosecutors from the Southern District of Florida say the resident used TOR (The Onion Router) to access the Dark Web, before using a series of methods to convert one cryptocurrency into another in order to hide its source. This series of actions is often called chain hopping and is considered a form of money laundering, which is apparently illegal at both the federal and state levels.
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Ultimately, the proceeds from the illegal sales were deposited in random increments at inopportune times, but into designated crypto wallets, which were later recovered by law enforcement. Between May 16, 2017 and June 19, 2017, authorities seized approximately 919.3 Ethereum, 643 Bitcoins, 640 Bitcoin Gold, 640 Bitcoin Cash, and 640 Bitcoin SV
The Department of Justice says the seizure was a result of Operation TORnado , which is a joint investigation by the Organized Crime and Narcotics Task Force (OCDETF) across multiple federal, state and local agencies
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However, while the $34 million (which was worth up to $47 million at one point according to court documents) is certainly large, given the growing popularity of cryptocurrencies, it will almost certainly not be one of the largest seizures, as many more, much larger ones, are expected to follow soon.
