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Bitcoin

Bitcoin Seizure: Silk Road Perpetrator Pleads Guilty In 8,100 BTC Confiscation Case

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A prominent British narcotics trafficker involved in the United States Drug Enforcement Agency’s (DEA) largest-ever Bitcoin (BTC) seizure has admitted to operating an extensive network of illicit online marketplaces, as revealed by the US Department of Justice (DOJ).

Massive Dark Web Drug Operation Exposed

The defendant, Banmeet Singh, a 40-year-old Indian national from Haldwani, India, pleaded guilty to charges of conspiracy to possess controlled substances with the intent to distribute and conspiracy to commit money laundering. 

Singh’s criminal enterprise allegedly facilitated the sale and distribution of various controlled substances, including fentanyl, LSD, ecstasy, Xanax, Ketamine, and Tramadol, through vendor marketing sites on notorious dark web platforms such as Silk Road 1, Silk Road 2, Alpha Bay, Hansa, among others.

Related Reading: Ethereum Insider Takes Shots At ETH Founders, Calls Buterin An ‘Idiot’ And Lubin A ‘Sociopath

According to the DOJ’s investigation, customers would order narcotics from Singh’s vendor sites using Bitcoin or other cryptocurrencies as payment. Singh personally oversaw the shipment of these illicit substances from Europe to the United States, employing various shipping services, including the US mail. 

From mid-2012 to July 2017, Singh controlled eight distribution cells across the United States, with locations in Columbus, Florida, North Carolina, Maryland, New York, North Dakota, Washington, and beyond. 

These cells received drug shipments from overseas, repackaged the drugs, and distributed them to locations in all 50 states, Canada, England, Ireland, Jamaica, Scotland, and the US Virgin Islands, according to the DOJ. 

Millions In Bitcoin Seized

Singh, arrested in London in April 2019, was extradited to the United States in 2023. He is one of eight members of this drug trafficking organization who have been convicted of drug trafficking charges across the United States. US Attorney Kenneth L. Parker stated on the matter: 

In the Singh organization’s drug orders, the members frequently used the vendor name “Liston” and signed off with the signature phrase, “I’m still dancing.” Today, with Banmeet Singh’s plea of guilty, the dance is over, the DOJ remarked. 

Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department’s Criminal Division emphasized the significance of Singh’s guilty plea, including the forfeiture of approximately $150 million worth of Bitcoin (8,100 BTC). 

Related Reading: Week Of Withdrawals: Crypto Funds Lose $500M As Grayscale’s Outflow Wanes

DEA Special Agent in Charge Orville O. Greene declared Singh a Consolidated Priority Target, highlighting his position as one of the most significant drug trafficking threats globally. 

The DOJ further stated that Singh’s criminal enterprise caused “extensive harm,” shipping large quantities of “deadly drugs” throughout the United States, primarily purchased online and sent via mail.

The investigation benefited from the collaboration of international partners, including the United Kingdom’s National Crime Agency (NCA), Crown Prosecution Service (CPS), and Central Authority (UKCA). The Justice Department’s Office of International Affairs was crucial in securing Singh’s arrest and extradition from the UK.

Bitcoin
BTC’s price recovery on the daily chart. Source: BTCUSDT on TradingView.com

As of now, the price of Bitcoin stands at $42,900, reflecting a recent rebound from the mid-$38,500 level. Over the past week, Bitcoin has experienced a 5% increase in value.

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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