About $1.4 Million in Bitcoins Were Seized from a Drug Dealer in Canada

In the capital of Canada, the city of Toronto, bitcoins totaling $1.4 million were withdrawn from a drug trafficking suspect Matthew Phan, by a court decision.

After Matthew Phan pleaded guilty, the prosecution demanded to confiscate his digital assets. This is about 288 BTC coins, which were discovered during the investigation back in 2015, it is noteworthy that at that time they were valued at only 88 thousand US dollars.

The accused also stated that a part of this amount was received by him through honest work, namely from trading on cryptocurrency sites. The court took this into account, therefore it decided to confiscate only a part of the amount.

There is overwhelming evidence to suggest that Mr. Phan was using the dark markets to purchase illegal items such as firearms and silencers. It is clear from the evidence found during searches, particularly of his condominium unit, that he was conducting a large sales operation of illegal narcotics”, was mentioned in the statement.

However, the court did not receive evidence that 7.23 BTC from this amount was obtained from criminal activity; for this reason, they are not subject to confiscation. As a result, 280.77 BTC was confiscated from Matthew Phan, which is the largest seizure of digital coins in Canada in the entire history of the country.

We want to remind you:

Charlie Lee Commented Michael Novogratz Call to Sell Litecoin and Buy Bitcoin

Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/

Leave a Reply

Your email address will not be published. Required fields are marked *