Dream Market Leader “Oxymonster” Gets $700,000 in Crypto Seized and 20 Year Jail Sentence

CCN reported in June that authorities in Atlanta apprehended a French-Israeli citizen for money laundering and narcotics trafficking.

The individual, Vallerius, admitted to selling drugs in exchange for cryptocurrency such as bitcoin cash. The transactions were made on the dark web and he earned over $700,000, which was then seized by authorities as illicit activity. The big question that arises is what authorities will do with the cryptocurrency.

This type of issue is not new. In 2015, the Silk Road bust occurred and after its creator Ross Ulbricht was sentenced, the government took possession of 144,366 BTC on his laptop. The seizure occurred at a point when bitcoin was just over $300, so the result was that the government had seized over $48 million, which is sold at several auctions.

In Vallerius’s cases, he signed a plea agreement in which he agreed to “”provide all necessary passwords” to enable the government to gain access. It is unclear whether the government will sell the assets as it did in Silk Road, but the higher price of bitcoin may lead to a larger profit.

Also earlier this week, Irish native Gary Davis pleaded guilty to conspiracy to sell drugs on Silk Road under the alias Libertas. Further, this year California’s District Court seized over $8 million in cryptocurrency from Alexandre Cazes, who after being accused of running a dark market, committed suicide. The United States Justice Department is also investigating manipulation of cryptocurrency prices as well.

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