RATE Group | Silk Road drug dealer caught trying to wash $19 million bitcoin
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Silk Road drug dealer caught trying to wash $19 million bitcoin

22 Jul Silk Road drug dealer caught trying to wash $19 million bitcoin

Posted at 15:21h in Bitcoin News by

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A man was arrested on July 18 for trying to launder $19 million of bitcoin earned on the darknet drug marketplace Silk Road. Hugh Haney faces one charge of money laundering and one count of engaging in a financial transaction using illegally-gotten gains. If guilty, he could face up to 30 years behind bars.

Homeland Security identified Haney after he allegedly moved stolen funds to an unidentified crypto exchange. Haney claimed the large amounts of bitcoin were proceeds from bitcoin mining, but Homeland Security says it has evidence which can trace transactions on the Bitcoin blockchain back to the Silk Road. Once the bitcoin—which was earned between 2012 and 2013—was transferred into cash, Homeland Security officers say that’s when they seized the money.

Silk Road was one of the original and most popular darknet marketplaces for buying and selling drugs, and other illegal (and legal) items. It was shut down by the FBI in 2013 and its founder Ross Ulbricht was later sentenced…

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