$ 1,250.29 4.30%
$ 41.35 1.64%
$ 0.072524 9.02%
$ 5.14 16.93%
$ 21,499.00 1.54%
$ 242.76 3.55%

Drug dealer charged with laundering of 2,933 BTC on Darknet


TL;DR Breakdown

  • The crypto industry has been primarily associated with criminal activities due to incidents like crypto laundering.
  • One such case has been reported concerning Ryan Farace, a darknet user with the username “Xanaxman.”
  • The drug dealer has been charged with laundering of over 2,933 Bitcoin, which amounts to roughly 136M USD.

Cryptocurrencies have been viewed as assets that would further the interests of crypto scammers and money launders. This is not fully true, as the adoption of cryptocurrencies and Blockchain technology has been spreading like wildfire throughout the world. This is, however, just the beginning.

A recent case of crypto-related fraud has been committed in Maryland, with the offender being a drug dealer operating on the darknet named Ryan Farace. Farace has been charged with laundering of over 2,933 Bitcoin which is currently worth 136M USD, for a period starting in October 2019 and ending on April 2021.

The darknet user has been in jail

Ryan Farace was a darknet user who has been in jail since 2018. The darknet user and his father have both been serving their sentences of 57 months for selling Alprazolam. Ryan Farace was operating under the username “Xanaxman” and was arrested along with his father back in 2018.

Although currently in jail, Ryan has now been accused of laundering a huge number of Bitcoins from within prison. Back in 2018, when Ryan was put in jail, around 4000 BTC were taken from him while he also was stripped of the $5.6M USD that he made from selling drugs on the darknet.

The authorities of Maryland are still figuring out if the 2,933 Bitcoins are a part of the original Bitcoin sum that was seized from Ryan in 2018 as a part of their sentence. However, the authorities speculate that the crypto holdings of Ryan might’ve been more and that the officials might not have knowledge about the rest of the holdings.

John Lincoln

John Lincoln

Lincoln contributes blockchain and crypto perspectives that meet the industry's selective information needs in a timely, undiluted fashion. His greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.

Related News

Hot Stories

Crypto News Alert – A New Meme Coin That Will Process 50,000 Transactions Per Second
Shiba Inu price analysis: SHIB continues to rise with $0.00001350 in sight
Bitcoin price analysis: BTC slowly retests $21,500, ready to return lower?
Ripple price analysis: XRP price consolidates below $0.36, but bulls are optimistic
Ripple price analysis: XRP/USD set to break above $0.54 overnight

Follow Us

Industry News

Mastercard survey: 50% of Latin Americans use crypto
Margin calls and bot liquidations add chaos to crypto as its market cap hits $964b
Bitpanda lays off workers amid the market decline
Coinbase to launch Nano BTC features aimed at retail traders on June 27
Namibian University will offer master's degree in blockchain technology soon