The US government is cementing its status as one of the largest BTC holders by adding another 8,100 BTC (priced at almost $350 million today) to its stash. The tokens were forfeited in a plea agreement from Banmeet Singh, who sold large quantities of drugs including fentanyl, LSD, ecstasy, Xanax, Ketamine and Tramadol on various dark web marketplaces including the Silk Road.
Singh pled guilty to conspiracy to possess with the intent to distribute controlled substances and conspiracy to commit money laundering, charges for which he’s expected to serve around 8 years in prison.
“Defendant pleads guilty in dark web narcotics case involving largest cryptocurrency seizure of $150 million in drug proceeds”
, U.S. Attorney’s Office, Southern District of Ohio
“Dark-web drug-ring plea nets DEA millions in cryptocurrency”
, The Washington Post
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