A record amount of Bitcoin was confiscated following the drug lord’s confession

A drug lord recently admitted in court that he used the so-called drugs Darkweb ran an extensive drug network.

His customers paid with cryptocurrencies, resulting in the largest-ever cryptocurrency seizure by the U.S. Drug Enforcement Administration (DEA).

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Bitcoin was used for a large drug network on the dark web

Banmeet Singh is a 40-year-old man from India who lived in the UK. Singh has confessed to running a large drug network on the dark web between 2012 and 2017.

The network was active in trafficking hard drugs such as heroin, cocaine, fentanyl, LSD, MDMA, Xanax, ketamine and more.

Customers from various countries including the USA, Canada, England and even Jamaica order medicines through the online platform. This was paid for with PayPal, MoneyGram and, above all, with crypto such as Bitcoin (BTC).

8,100 BTC worth $350 million seized

Perhaps the most striking aspect of this case is the massive seizure by the DEA. The US law enforcement agency has seized $150 million worth of cryptocurrencies.

The cryptocurrency was likely seized shortly after Singh’s arrest in 2019. The loot consists of more than 8,100 BTC, which is already worth around $350 million at the current price of $43,200.

Singh was known online under the pseudonym “Liston” and was active on notorious dark web marketplaces such as Silk Road, Alpha Bay and Hansa. He was arrested in London in 2019 but was not extradited to the US until last year, in 2023.

The drug lord was part of a network of eight members. He recently pleaded guilty in a Columbus, Ohio, court to money laundering and drug trafficking charges. He could face a prison sentence of eight years, but a judge still has to decide on that.

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Will these Bitcoins also be brought onto the market?

He reportedly led a relatively modest life and hid his illegal profits in crypto wallets.

The case is the result of a long-standing collaboration between the DEA in the USA and the National Crime Agency (NCA) in the UK.

Notably, a similar story recently appeared on Crypto Insiders. The US government plans to sell 3,000 BTC on the market soon. It had seized this BTC from drug dealer “Xanaxman” who was also linked to Silk Road.

It is estimated that the US government has seized much more BTC from Silk Road in recent years, around 200,000 BTC.

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