Dark Web Trader ‘OxyMonster’ To Serve A 20 Years In Prison Must Forfeit $700,000 In Crypto
A 36 year old Gal Vallerius will serve a jail-term of 20 years for engaging in drug trafficking. The ruling was given by Robert Scola who is a district judge in the US.
CNN revealed that the culprit was arrested at Atlanta airport last year. Information from the immigration department shows that the offender is a French Israeli national. The arrest was made in route to attending the global beard championship in Austin Texas.
He will now spend 20 years in a South Florida prison after being found guilty of money laundering and drug trafficking.
Vallerius Pleads Guilty To Allegations Of Drug Trafficking
Gal confessed to selling drugs such as heroin and cocaine in exchange for digital currencies via the dark web. An amount of $700,000 in ill-gotten gains was seized by the state from his illegal trade. All the money obtained from these activities will be kept by the state.
However, after the forfeiture, most individuals are asking what will happen to the enormous amount of digital currencies in the hands of the American government?
Some of these developments are not new in the market since such cases have been witnessed in the past.
In 2015, the government repossessed 144,336 BTC which was found on Ross Ulbricht laptop. At that time, one bitcoin was trading at $300. Therefore, the government earned about $48 million by selling the digital currencies in multiple auctions. Some individuals blamed the government for the quick sale which kept it from earning more money.
Gal To Hand Over Essential Passwords To The State
Vallerius will have to give the government all the vital passwords to enable them to gain access. This is because the smuggler has already pleaded guilty to the money laundering and trafficking charges. However, several people are speculating as to whether similar action will be taken to that which was taken against Silk Road.
At the beginning of the week, Gary Davis admitted to conspiring to selling narcotics on the Silk Road last year.
District Court in California additionally seized over $8 million worth of digital currency from Alexandre Cazes. He later committed suicide in Thailand in the wake of being blamed for running a dark web showcase called AlphaBay. With the rising cases of crime in the digital money business, the US government might conduct similar forfeitures in future. The primary goal is to ensure that there is fair competition in the market.
Some people believe that a time has reached when the American justice section should investigate manipulation of digital money prices. The government should also conduct a further crackdown on illegal digital assets held by illegal traders in the industry.