The US Department of Justice had Announced which had secured the largest cryptocurrency seizure after a South Florida resident seized $34 million in cryptocurrency linked to illegal activities on the dark web.
Federal prosecutors from the Southern District of Florida filed the civil forfeiture complaint and were successful.
US Gets Largest Cryptocurrency Seizure
This came after identifying the anonymous resident involved in the large-scale sale of illegal items on various dark web marketplaces.
Not only that, but the person also hacked the online account information of popular services like Uber, Netflix, and HBO, among others.
The DOJ statement further explained that the individual used The Onion Router (TOR) to access the Dark Web. They were able to hide the sources of the funds and almost successfully launder through the use of “tumblers”, which are cryptocurrency mixers.
This, along with the illegal money transmitters, made it possible for the person to commit illegal activities.
DOJ and Other Law Enforcement Agents Show They Can Tackle Crypto Crimes
While over 90% of crypto activities are legal, even if unregulated, many malicious actors try to take advantage of crypto-enhancing features.
Additionally, the rise in ransomware attacks in the past year and the conflict between Russia and Ukraine have led to an increased focus on cryptocurrencies and their uses.
Although the crypto community has sure Since it would be almost impossible for Russia to circumvent the sanctions placed on it via cryptocurrencies, law enforcement agencies and financial regulators have nonetheless chosen to step up their efforts to police activities within the crypto space.
This would inadvertently lead to a safer, more investor-friendly industry.
Interestingly, federal law enforcement officers recently arrested two men involved in the Frosties NFT rug toss and will prosecute them.
Germany Seizes Bitcoin Tranche
It is not just the US that is going after cryptocurrencies linked to illegal activities. Just today, Germany Announced which has shut down the Russian darknet market (DNM), Hydra, and taken over Bitcoin worth 25 million dollars.
Hydra has been around since 2015 and, based on available data, accounts for around 80% of the total DNM market share.
The marketplace has more than 19,000 vendor accounts selling everything from narcotics to fake identities to its 17 million customers.
In 2020 alone, it had a trading volume of at least $1.2 billion. According to the BKA federal police, several institutions, including US agencies, were involved in the investigation that began in August 2021.
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This post US Prosecutors Obtain $34M From Crypto Asset Forfeiture
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