The High Court of Ireland Rules Silk Road Dealer’s Crypto Funds to Be Proceed of Crime

The High Court of Ireland has taken the decision to proceed of Crime Silk Road Dealer’s funds. Neil Mannion held around €25,000 in ETH.

The Irish Examiner reported that the case ‘broke new legal ground’ in terms of cryptocurrencies. Ms. Justice Carmel Stewart granted orders sought by the Criminal Assets Bureau (CAB) related to the funds held by Mr. Mannion in an online wallet.

Mannion has also been against CAB’s application explaining that he had been breached by an investigation into the funds he held. Nevertheless, all the arguments were dismissed by the judge of this case.

Now, Mannion is in prison after receiving a six-and-a-half-year sentence in Wheatfield Prison. The decision was taken after a search made at premises located on Dublin’s South Circular Rd back in November 2014.

Mannon has admitted that he traded on the dark web and on the most popular darknet market called Silk Road. Another dark market he participated in was Agora and used the alias ‘Hulkster.’

The Silk Road was an anonymous and popular marketplace in which users could use virtual currencies to trade illegal goods and services. Ross Ulbricht is the alleged founder of the Silk Road and has already been in prison for five years.

Most of the transactions that took place on the Silk Road were processed in Bitcoin (BTC) or other virtual currencies such as Litecoin (LTC) or Monero (XMR) that provides higher privacy features.

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