Canadian Authorities to Seize $1.4M Worth BTC

288 BTC was found in a drug dealer Matthew Phan during the investigation
04 April 2019   455

A court in Toronto decided to confiscate bitcoins worth $ 1.4 million, found in a drug dealer during the investigation. It is assumed that this is the largest case of confiscation of cryptocurrency in the history of the country, The Star reports.

In December, Matthew Phan, 30, pleaded guilty of bringing weapons and storing drugs for distribution. Two months later, the prosecution asked to confiscate the 288 BTC found, stating that the funds were obtained from illegal activities. Phan, in turn, argued that not all of his cryptocurrency was obtained by criminal means, and insisted that he earned a portion of the amount when he was trading on the exchanges.

The court explained that it did not doubt that Phan was engaged in trading, but considered the evidence to be sufficient to justify the withdrawal of the amount found.

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.

Jane Kelly 
Superior Court Justice

The judge, however, admitted that he had not received evidence that 7.23 BTC were obtained from engaging in criminal activity.

The police conducted the data analysis on Phan computer back in 2015. Then, 288 bitcoins were found, estimated at that time at $ 88,000. By the end of 2017, their value exceeded $ 7 million.

Casa to Launch Lightning Node Mobile App Called Sats

Casa to Launch Sats App With Lightning Network Support
04 July 2019   885

Casa startup, specializing in the creation of secure storage systems for private keys, introduced a mobile bitcoin application Sats App, which makes it easy to manage Lightning-node.

Sats App is positioned as a non-custodial bitcoin wallet "with unique functions." According to Casa CEO Jeremy Welch, the SatsBack reward program will soon be launched, under which users will receive small amounts in BTC. For example, for connecting an application and a Casa Node device to each other, the user will receive 20,000 Satoshi.

Features are focused on increasing adoption of bitcoin and lightning nodes. You will be able to earn bitcoin if you don’t have a Casa node, but you will be able to earn bitcoin faster if you have a node.

Jeremy Welch 

CEO, Casa

He also added that the application, available for iOS and Android, is “secure, private and connects via Tor”.

According to CoinDesk, the startup earlier raised $ 3.5 million from Castle Island Ventures, Boost VC and Compound, and several other investors. Currently, a startup staff of 25 people serves users from 60 countries.