UK Authorities Seize and Auction $26M in Monero from Convicted Pill Seller

IconCryptoNewsTerminal Staff11 Jul, 2024

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UK Authorities Seize and Auction $26M in Monero from Convicted Pill Seller

The UK Crown Prosecution Service (CPS) has seized and sold approximately £15,000 (about $26.6 million) worth of Monero (XMR) from a British man who was convicted of online illegal pill sales three years ago. The seizure of the Monero was led by the Cyber Crime Unit and was reportedly done via a direct transfer, pursuant to a confiscation order, rather than via cooperation with a centralized exchange. The name of the Monero exchange platform was not disclosed. The individual was reportedly selling Viagra, anabolic steroids, and DNP (2,4-dinitrophenol) for profit via the dark web. The CPS stated that the sale of the seized Monero was carried out in accordance with legal procedures and that the proceeds will be used to fund law enforcement activities. This case highlights the growing use of cryptocurrency in illegal activities and the efforts of law enforcement agencies to combat such activities.

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