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U.S. prosecutors file civil forfeiture lawsuit to recover $54 million in seized cryptocurrency

U.S. prosecutors file civil forfeiture lawsuit to recover $54 million in seized cryptocurrency

CointimeCointime2023/11/03 01:39
By:Cointime

According to the civil forfeiture lawsuit filed by the US Attorney's Office today, $54 million worth of cryptocurrency previously seized will be recovered. These cryptocurrencies were traced back to the profits of an illegal drug distribution plan carried out in New Jersey and surrounding areas. According to the lawsuit, Christopher Castelluzzo and others conspired to sell various drugs from 2010 to 2015. Around 2013, Castelluzzo and his accomplices began selling drugs on dark web sites in exchange for BTC. In July 2014, Castelluzzo used some of the bitcoins earned from drug sales to purchase 30,000 ETH in the first token issuance of Ethereum. In 2016, Castelluzzo also received 30,000 Ethereum Classic. The complaint seeks to confiscate all cryptocurrencies obtained by Castelluzzo from drug sales. Castelluzzo is currently serving a 20-year sentence in federal and state prisons for drug trafficking. Although Castelluzzo was jailed for these convictions, he plotted to evade taxes while in prison and transferred 30,000 ETH (worth $54 million) overseas. However, before he could do so, the US intervened after learning about Castelluzzo's attempts to launder cryptocurrency through prison phone recordings in 2021, and confiscated the traceable cryptocurrency held by Castelluzzo from his drug trafficking.

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