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.

Ken Chigbo Independent Analyst

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.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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