#BitcoinNews #Cryptocurrency #BTC #RyanFarace #JosephFarace #ShaunBridges #SilkRoad #CryptocurrencyFaucets
In a significant move this past month, The United States Department of Justice gave notice regarding the seizure and forfeiture of approximately 2,933 Bitcoin (BTC) that were held by individuals Ryan Farace and Shaun Bridges. These Bitcoins were divided into two lots, with 58.74 Bitcoin in one batch, and a considerably larger amount nearly 2,875 Bitcoin in another. Ryan’s father, Joseph Farace, was also identified to be involved in the case given a past conviction where both the father and son were held guilty of using Bitcoin for money laundering related to unlawful transactions.
Shaun Bridges, a former FBI agent, held Bitcoin that was related to the infamous Silk Road online marketplace. He had siphoned off Bitcoin from a site administrator’s account while he was involved in leading actions against Silk Road. At the time, the amount of Bitcoin Bridges illicitly obtained was worth about $800k. His fortunes inflated significantly with the rise in the valuation of Bitcoin since then. However, he was later temporarily released and then apprehended again while trying to escape the country to evade a court decree. Speaking of Ryan and Joseph Farace, they were found guilty in 2018 for selling Xanax on various darknet marketplaces over an unspecified timeframe. Furthermore, it was established that wallets connected to R. Farace received over 9,138 Bitcoins from addresses linked with darknet platforms.
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