Toronto Judge Rules Drug Dealer To Pay $1.4 Million In BTC Holdings, Canada’s Biggest Seizure Ever
A Judge In Toronto Ruled Drug Dealer Has To Pay $1.4 Million In BTC Holdings
According to a recent report released by the local daily news outlet The Star, a Judge in Toronto ruled that a drug dealer will have to pay $1.4 million in Bitcoin (BTC) holdings to the state. This seems to be the largest ever forfeiture in the history of Canada.
Canadian Drug Dealer Must Pay $1.4 Million BTC
Mr. Matthey Phan, an individual that was dealing with narcotics and drugs online, tried to convince the local authorities that he was able to gather 281.41 BTC through legal activities. However, he did not prove how or which activities he conducted.
The Star revealed that Superior Court Justice Jane Kelly mentioned that Mr. Phan was not able to convince her that the funds he had came from legal activities. One of the possibilities proposed was that he was trading in cryptocurrency platforms for a long period of time. Nonetheless, this is something that couldn’t be proved by the drug dealer.
The report says that the funds he had came from illegal operations of drugs rather than from trading activities. The payments have been processed using the most popular digital currency that was found in the digital wallet that Mr. Phan had on his computer.
A few months ago, the cryptocurrency exchange based in Canada QuadrigaCX announced that they did not have the Bitcoin and digital currencies that users’ deposited in the platform because the owner of the platform died and did not leave information about the private keys. According to Ernst & Young, the chances to reemerge from this situation is very difficult.
There have been several cases in which drug dealers have been selling drugs and other illicit products and received Bitcoin and other digital assets as payment.