Breaking: $500K Bitcoin Of Dark Web Drug Dealer Now Worth Over $8.5Million; Officials Rush To Sell.

Dark web bitcoin seized

The dark web is the underworld of the internet. Websites on the dark web can only be seen from darknets. The dark web is part of the deep web, is a part of the internet that is not indexed on traditional search engines. To access the darknet, specific software must be added to your computer or device, with extra configurations and authorizations.

The darknet offers its users a higher level of encryption and anonymity; this is why it is home to gangsters, illegal drug dealers, and sellers of all kinds of restricted products.

Bitcoin Has Skyrocketed

Bitcoin has seen an exponential rise in its market value since early 2017 when the Bitcoin price first reached a record high of $2000 for the first time in its life. Bitcoin, created in 2009 by a Japanese cryptographer, offers its users a fast and secure form of sending and receiving money.

Aaron Shamo, a 27-year-old U.S man, was arrested in November 2016 in connection with the illegal sales of hard drugs on the dark web.

Back on November 3, 2016, the price of Bitcoin on Bitstamp was about $727, and approximately $500,000 worth of Bitcoin was seized from Shamo. Now in 2017, at press time, the Bitcoin price has reached the $18,000 price area as recorded on CoinMarketCap, taking the accused seized Bitcoin value to over $8.5 million.


Officials In A Rush To Sell Seized Bitcoin

The  U.S officials prosecuting the hard drugs case are planning to sell-off the over 8.5 million worth of Bitcoin seized from the accused Shamo. An official of the Utah Law office, Melodie Rydalch has said that: “For federal prosecutors in Utah, sales of seized assets like cars are routine, but bitcoin is new territory.

The proceeds of the bitcoin sale will be held until the case is resolved, and then decisions will be made about where the money goes.” In the U.S, it is the norm for the proceeds from seized asset to go to the agency that championed the investigation, in this case, The Drug Enforcement Administration.

This $500,000 drug bust is ranked among the most significant drug busts in the United States in recent times. In addition to the Seized Bitcoin,  a lump sum of $1 million was also seized from the accused, which he stuffed into trash bags.
Aaron Shamo has pleaded not guilty to a dozen charges which include money laundering, possession of Fentanyl amongst other charges.