The cryptocurrency field keeps getting bad news. European law enforcement officials conducted a drug raid, ultimately seizing $5.2 in bitcoin and other cryptocurrencies that was found with 800,000 doses of LSD.
Several law enforcement agencies were involved in the raid, including the Spanish Guarda Civil and the European Union Agency for Law Enforcement. Together, these groups arrested a number of individuals in both Spain and Australia. In addition to the drugs and the bitcoin, authorities found approximately @2.7 million in cash and accounts, high-end real estate, and luxury vehicles.
The individuals who had accumulated the cryptocurrency, cash, vehicles, and real estate were arrested. Authorities determined that the individuals arrested were a part of an organized crime group operating in Spain. Since the group’s inception, they’ve been selling the drugs on the darknet and shipping the packages throughout Europe.
Europol released a statement, saying,
“Two of the web pages managed by the organized enjoyed a great reputation, being the most known and exclusive worldwide in this field.”
This type of scenario may not bode well for the cryptocurrency industry, which has been constantly coming under fire for it tendency to be used for criminal activity. Cryptocurrency is an attractive tool for fraudulent practices due to the difficulty of tracing transactions. For example, in 2017, the United States uncovered and stopped the Silk Road, a $48 million drug market that was conducted through the sale of bitcoin. Further in 2018, $52 million worth of bitcoin was auctioned off by U.S. marshals, who had seized the currency from drug dealers.