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US Department of Justice Cracks Down on Drug Traffickers, Seizes $54 Million in Crypto

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US Department of Justice Seizes $54 Million in Cryptocurrency from Drug Traffickers

On November 2nd, US federal officers moved to seize crypto valued at $54 million from a drug ring operating out of New Jersey, according to the US Attorney’s Office.

This group of convicted drug dealers had amassed a stash of digital wallets filled with laundered crypto, the officials disclosed. These ill-gotten gains were the result of their drug-related activities spanning from 2010 to 2015.

The convicts had employed various cryptocurrencies in their operations, including Bitcoin (BTC), Ethereum (ETH), and Ethereum Classic (ETC), to move their ill-gotten funds.

What makes this case interesting is the involvement of the group’s leader, who was actively engaged in discussions with accomplices over telephone calls.

Their goal? To launder a hefty sum of 30,000 ETH outside of the United States. The Bahamas was one of the suggested destinations for this operation.

The value of the 30,000 ETH seized in this operation amounted to approximately $54 million.

James Dennehy, the Special Agent in Charge of the FBI-Newark, emphasized the importance of this forfeiture action, stating, “Our forfeiture action of $54 million should serve as a lesson to those who mistakenly believe we can’t trace their illicit behavior or their ill-gotten proceeds.”

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