The US District Court for the District of Maryland has ordered the forfeiture of nearly $117 million in Bitcoin (BTC) linked to the infamous Silk Road drug market.
The decision follows the convictions in a high-profile case involving former Secret Service agent Shaun Bridges and Maryland residents Joseph and Ryan Farace.
The court’s official notice, dated January 8, 2024, details the forfeiture of 2,874 BTC, worth around $114 million, and an additional 58 BTC, worth more than $2 million.
The forfeited crypto are linked to Shaun Bridges, a convicted former Secret Service agent. Bridges was involved in the investigation and takedown of Silk Road, an illicit marketplace that operated from 2011 to 2013.
Bridges, who is currently serving a prison sentence for money laundering and stealing more than 1,500 BTC during the Silk Road investigation, is a key figure in this legal case.
Another person involved in the case is 72-year-old Joseph Farace of Maryland. This month, he was sentenced to 19 months in federal prison for assisting his son, Ryan Farace, in laundering Bitcoins obtained through illegal drug sales on dark web marketplaces.
Investigations revealed that Ryan Farace, also known as “Xanaxman,” obtained over 9,100 BTC through darknet drug sales.
Joseph Farace’s sentencing is part of a larger legal action against the father-son team involved in a dark web drug trafficking and Bitcoin money laundering ring.
Court documents show that Ryan Farace received more than 9,138 BTC from darknet marketplaces such as Silk Road.
