US prosecutors move to cash in on $8.5 million in seized bitcoin

The 500,000-pill bust ranked among the largest of its kind within the country, along with also authorities also found $1 million of cash stuffed into trash bags.

Shamo has pleaded not guilty to a dozen charges.

The proceeds of the bitcoin sale will be held until the case can be resolved, along with also then decisions will be made about where the money goes, Rydalch said. Seized asset sale proceeds usually goes to the agency of which investigated, like the Drug Enforcement Administration.

Defense attorney Greg Skordas can be not contesting the sale of his client’s bitcoins.

Although there’s no global consensus over the status of bitcoin — debate rages whether the virtual money can be an asset or a currency — of which hasn’t stopped officials within the U.S. along with also elsewhere by cashing in on the digital hauls seized by cybercriminals.

In 2014 the U.S. Marshals Service announced the auction of nearly 30,000 bitcoins seized by notorious dark web drug marketplace Silk Road. different seizures have since netted the American government millions of dollars in a series of sales.

different governments — by Australia to South Korea — have set up similar auctions through the years.

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