Canadian Authorities to Seize $1.4M Worth BTC

288 BTC was found in a drug dealer Matthew Phan during the investigation
04 April 2019   278

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.

South Koreans to Invest in Crypto Actively

In addition to the investment amounts, the share of those interested in investing in digital assets also increased
22 April 2019   84

The average amount of investments in cryptocurrency from South Korean invesetprs is $ 6,100, which is 64% more than last year, Cointelegraph reports.

According to a survey conducted by the Korean Fund for the Protection of Portfolio Investors, in addition to the investment amounts, the percentage of those interested in investing in digital assets also increased. Thus, 7.4% of the 2500 respondents have already acquired cryptocurrency (last year there were 6.4% of those). It is noteworthy that this figure has increased, despite several major break-ins of the South Korean crypto exchange, as well as tougher regulation of the industry.

Analysts connect the market with a recent bitcoin price jump and hope for a new bull rally.

Recall recently it became known that 94% of trust capital funds invest in cryptocurrency.