US Enforcement Agencies to Seize $22M Worth Crypto

35 suspects in the arms and drugs trade were detained during a secret operation that lasted a year
27 June 2018   1669

Special agents of the US Department of Homeland Security, in cooperation with the secret service and the DEA, seized about 2,000 bitcoins and other crypto-currencies worth $ 22 million from the darknet sellers, according to the website of the US Department of Justice.

35 suspects in the arms and drugs trade were detained during a secret operation that lasted a year.

On darknet-sites, such as Silk Road 2, AlphaBay and Hansa, special agents offered to exchange crypto-currency for dollars allegedly for money laundering. As a result, they went to the traders of illegal goods. The prosecutor's office has already started more than 90 criminal cases

Criminals who think that they are safe on the Darknet are wrong,” said Deputy Attorney General Rosenstein.  “We can expose their networks, and we are determined to bring them to justice. Today, we arrested more than 35 alleged Darknet vendors.  We seized their weapons, their drugs, and $23.6 million of their ill-gotten gains. This nationwide enforcement effort will reduce the supply of deadly drugs like fentanyl that are killing an unprecedented number of Americans.  I want to thank our federal prosecutors, and the dedicated federal agents with DEA, Homeland Security Investigations, the Postal Inspection Service, and the Secret Service for their outstanding work.
 

Rod J. Rosenstein

Deputy Attorney General

As part of the special operation, the prosecutor's office charged two suspects Ryan Fares and Robert Swain, who from 2013 to 2017 sold drugs through a darknet. The authorities of the country want to recover from them $ 5.6 million in addition to the cost of 4000 BTC, allegedly received by them from illegal sales, and also confiscate two mansions and a car.

We note that the US government sells the confiscated cryptocurrency at auctions. So, in the period from 2013 to 2014, the country's authorities put up for sale 80 thousand bitcoins.

PBoC to Continue Anti-Crypto Propaganda

The regulator published a warning in its WeChat account called “Protection of the rights and interests of consumers of financial services”
23 March 2020   308

The People's Bank of China has returned to criticism of cryptocurrencies amid a worsening economic situation in the world.

On March 22, the regulator published a large-scale warning in its WeChat account under the heading “Protection of the rights and interests of consumers of financial services”. It describes three ways in which cryptocurrency service providers can mislead consumers.

First of all, the amount of fraud transactions with bots is serious. The average turnover rate of the top three overseas crypto currency exchanges is much higher than that of foreign licensed exchanges. Second, market manipulation exists in these exchanges where forced leveraged trading eventually causes the exchanges to explode. Third, money laundering is a big issue.

 

People's Bank of China

In addition, the Chinese Central Bank calls the opinion that Bitcoin may serve as a protective asset, erroneous. The regulator indicates its high volatility and recommends that citizens not follow the example of other investors and refuse to participate in cryptocurrency trading.