Drug dealer has $1.4 million in Bitcoin seized for illegal online narcotics business
|- Matthew Phan had been selling narcotics online illegally and accepting Bitcoin as a payment method.
- The Canadian Superior Court ruled against My Phan and are seizing his entire $1.4 million Bitcoin fortune.
Massive drug-crypto crackdown in Canada, a Toronto judge has taken action against an online drug dealer, who has been ordered to pay a chunky 281.41 BTC. The amount is currently worth around $1.4millon, which is his entire holdings.
Matthew Phan illegally narcotics online, he tried to inform authorities that these funds were accumulated by other means of activities. All reported by local pressure, the Star, Phan attempted an appeal which is very likely to be dismissed.
The drugs dealer attempted to convince the Superior Court Justice Jane Kelly, that these funds were materialized through forms of trading via cryptocurrency exchanges.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.