The forfeiture division of the U.S. government has announced its plan to sell 2,933.64 bitcoin. These were confiscated from Ryan Farace, who faced charges in 2021 for laundering proceeds from drug trafficking. Farace, also known by his alias Xanaxman, disclosed in his plea agreement that he utilized the infamous Silk Road marketplace.
U.S. Forfeiture Division Aims to Sell 2,933.64 Bitcoins
In a recent public announcement, the U.S. government’s forfeiture division declared its intention to “dispose” of bitcoins confiscated from Ryan Farace and Sean Bridges. The federal agents secured a total of 2,874.90 BTC from both individuals and an additional 58.74 BTC exclusively from Farace. In 2018, the Department of Justice indicted Farace for laundering proceeds from drug sales. The crypto assets were formally seized in 2021 because Farace alleged he was unable to locate the funds.
Subsequently, he was apprehended attempting to transfer the funds, leading to the confiscation of the entire
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