Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
Sign in to follow this  
bostonangler

Silk Road drug dealer caught allegedly trying to wash $19 million bitcoin

Recommended Posts

A man was arrested on July 18 for trying to launder $19 million of bitcoin earned on the darknet drug marketplace Silk Road, according to Homeland Security. Hugh Haney faces one charge of money laundering and one count of engaging in a financial transaction using illegally-gotten gains. If guilty, he could face up to 30 years behind bars.

Homeland Security identified Haney after he allegedly moved stolen funds to an unidentified crypto exchange. Haney claimed the large amounts of bitcoin were proceeds from bitcoin mining, but Homeland Security says it has evidence which can trace transactions on the Bitcoin blockchain back to the Silk Road. Once the bitcoin—which was earned between 2012 and 2013—was transferred into cash, Homeland Security officers say that’s when they seized the money.

Silk Road was one of the original and most popular darknet marketplaces for buying and selling drugs, and other illegal (and legal) items. It was shut down by the FBI in 2013 and its founder Ross Ulbricht was later sentenced to life in prison without parole. In its two and a half year lifespan, it was reported to have more than 100,000 customers.

While Silk Road has long since deceased, the dark web continues to be a popular place for bitcoin. According to Chainalysis, more than $600 million worth of bitcoin was funneled into the dark web in 2018. But, the proportion of bitcoin being used for ilicit activities compared to legal ones has plummeted from nearly seven percent in 2012, to a fraction of a percent today.  Crime in crypto, it seems, still pays.

https://www.yahoo.com/finance/news/silk-road-drug-dealer-caught-122416173.html

 

B/A

  • Thanks 1

Share this post


Link to post
Share on other sites

I recall this was one of many reasons India has outlawed cryptos . For all people looking to be informed on the BRI , check out/google the INSTC -  The International North South Transport Corridor. Competition for China exists and its not just the US.

Edited by new york kevin
  • Upvote 1

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.