US authorities confiscate $250 million worth of bitcoins belonging to a drug dealer

The US government seized 3,940 bitcoins ($249 million) from a drug trafficker named Banmeet Singh: Arkham Intelligence analysts.

The confiscation process followed a court hearing in January, where a 40-year-old Indian national pleaded guilty to drug trafficking through dark web platforms and agreed to pay a $150 million fine.

Source: X-account Arkham Intelligence

Case documents allege that from 2012 to 2017, Singh was active on now-defunct platforms such as Silk Road, Alpha Bay and Hansa, accepting payment in the form of cryptocurrency. He was also personally involved in organizing the mailing of drugs to Europe and the USA.
“Today’s guilty plea, which includes forfeiture of approximately $150 million in cryptocurrency, demonstrates that the Justice Department will hold criminals who violate U.S. law accountable no matter how they conceal their activity”, — Assistant Attorney General Nicole Argentieri.
Banmeet Singh was arrested in London in April 2019, and after four years, he was extradited to the United States in 2023. This operation was the result of a joint effort between tax and law enforcement agencies from various countries.

Singh admitted to conspiracy and money laundering. In April he was sentenced to five years in prison.

According to the Arkham report, the United States holds the leading position among countries in terms of Bitcoin ownership. At the time of the report, the country's management controls 216,811 BTC, which is valued at approximately $13.7 billion.
The AML Crypto company reminds you that we discussed in this article how to protect yourself from participating in money laundering. This is especially important considering that funds involved in drug trafficking could go into free circulation and reach you, rather than ending up in government wallets. And check your crypto wallet for purity, perform AML address verification, track a transaction - you can do this and more in our Btrace solution. Free AML wallet verification for every new user.
Check blockchain address using Btrace
In seconds, determine the risk level of the counterparty’s address, find out the source of his funds and make an informed decision about interacting with him.




We also recommend