Skip to main content

New Jersey County Liquidates Bitcoin Seized in 2018, Profiting Almost 300%

New Jersey County Liquidates Bitcoin Seized in 2018, Profiting Almost 300%

Individuals and companies are not the only ones who take advantage of the significant bitcoin prices surging across the board, despite recent pullbacks. In New Jersey, United States, a county yielded profits after liquidating seized cryptocurrencies during a drug investigation.

Authorities Gained Control of the Cryptos in 2019

According to NBC New York, local authorities from Monmouth County got the bitcoin (BTC) during a raid in the context of an illegal narcotics distribution crackdown in 2018. Investigators found that such digital assets were part of the profits gained by the criminals due to its drug sales.

Approximately, the county netted 300% in profits from the liquidation when BTC was exchanging hands around the $57,000 threshold, selling it at around $198,000, said the media outlet.

Per the report, in 2019, the county filed a forfeiture complaint after the suspect pleaded guilty. That said, the county gained ownership of the seized crypto. Christopher Gramiccioni, the prosecutor from the Monmouth County Prosecutor’s Office, commented:

The Monmouth County Prosecutor’s Office leads from the front on innovative law enforcement strategies and practices necessary in the emerging new crypto world. This will serve as an effective template for the state law enforcement agencies in the cryptocurrency market – a place where we can expect proceeds from crimes to continue to be concealed.

First Crypto Seizing in the NJ County Took Place in 2017

However, this is not the first time that Monmouth County has seized cryptocurrencies. In 2017, law enforcement busted 16 people for defrauding several financial institutions.

The report states that seized digital assets in the “Operation Plastic Army” – the first-of-its-kind in the NJ county – are worth over $1.25 million as of press time. However, the assets have not been liquidated yet.

Governments tend to auction cryptocurrencies seized from criminal activities, such as France did in March when the French government auctioned 611 BTC, which was worth almost $34 million at the time.

What are your thoughts on this NJ county profiting from bitcoins seized? Let us know in the comments section below.



from Bitcoin News https://ift.tt/3xB8vql
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more