US Prosecutors Rush To Sell Bitcoin Confiscated In Drug BustDecember 18, 2017 11:40 pm
Attorneys in Utah are rushing to sell Bitcoin seized from a criminal drug ring, Time magazine reported Monday.
A year ago, 27-year-old Aaron Shamo was arrested in Cottonwood Heights, Utah on multiple drug dealing charges, the report said.
Shamo was involved in selling opioid-containing pills on the dark web, the report said, which contained synthetic opioid fentanyl, responsibly for many drug deaths worldwide.
When arrested, authorities seized about half a million dollars worth of Bitcoin from Shamo, currently worth $8.5 million, Time magazine reported.
Authorities are citing the volatile cryptocurrency market for their interest in selling the coins quickly, the report said.
Federal prosecution spokeswoman Melodie Rydalch says proceeds made from the Bitcoin auction will be held until the case is over, the report said. Historically, the investigating authority usually keeps the funds raised from seized asset auctions, Time magazine reported.
Shamo has pleaded not guilty and his attorney Greg Skordas will not contest the sale of the seized Bitcoin.
– WN.com, Jack Durschlag