The US has, in a recent announcement, declared its intentions to dispose of Bitcoins forfeited by the convicted Silk Road drug trafficker. The intentions estimate the Bitcoin stash was worth $117 million and seized when Maryland’s trafficker was convicted.
The Bitcoin stash is associated with the 38-year-old Maryland resident running the now-shuttered Silk Road marketplace for dark web activities.
US Issues Forfeiture Notice for Bitcoin Seized
The US released a forfeiture notice online indicating that Ryan Farace’s sentencing for charges related to money laundering conspiracy led to the seizure of the Bitcoin stash. The Maryland resident was sentenced alongside his father, aged 72 years, for similar charges.
The forfeiture notice invites parties desiring interest in the crypto assets within 60 days starting January 10. The notice urges interested parties to comply with the directive that the US Attorney General will direct. The forfeiture notice invites individuals other than defendants to express interest.
The notice considers the expiry of the period provided to file ancillary petitions, or if no petitions were filed, it would dispose of the Bitcoins. The notice cites that the Court’s disposition of the ancillary petitions gives the US clear title to the forfeited property. The expiry of the period will warrant good title to the subsequent purchasers or transferees.
The Justice Department confirmed that the US recovered 2,933 Bitcoins from the convicts at its estimates of $117M. The government disclosed the Bitcoin value at $133.5 million when publishing the forfeiture on January 10.
The Justice Department indicates that Ryan Farace faced conviction in 2018 for the alleged lot to manufacture Xanax pills. He intended to sell the drug via dark web marketplaces such as the Silk Road and Xanaxman.
The DoJ indicates that Farace benefited from receipts exceeding 9138 bitcoins with a street value of $364 million. He forfeited 24 BTC in 2020, suggesting he lacked access to the additional funds.
Farace Confesses to Money Laundering Charges
The Justice Department indicated that Ryan would direct his father to execute 2874 Bitcoin transfers to third-party accomplices outside the US.
The pair confessed their actions in a plea agreement settlement. The guilty plea led to the indictment of Ryan for the charges a year later.
The Court gave Ryan Farace an additional 54 months’ sentence in a January 5 ruling. The father would serve a 19-month sentence with another two years served under probation.
The conviction of the Farace family affirms the Justice Department’s resolve to weed out crypto involvement in money laundering activities. The sentence and forfeiture add to the expanding list of bad actors that the Justice Department has vowed to weed out from society.
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