Bitcoin Laundering Case: Ryan Farace, “Xanaxman,” Sentenced to $137 Million
Ryan Farace, a notorious drug dealer, has been indicted for laundering 2,933 Bitcoin while in prison. The cryptocurrency amounts to $137 million today.
The Case:
- Ryan Farace, a notorious drug dealer, imprisoned for selling Xanax.
- Nicknamed Xanaxman, he allegedly laundered 2,933 Bitcoin while in prison.
- This Bitcoin amounts to $137 million today.
The Charges:
- The federal court of Maryland imprisoned Farace for this.
- The court ordered Farace to surrender 4,000 Bitcoin that he earned while selling these drugs.
- The court also ordered Farace to give up his land property and $5.6 million in cash.
The Investigation:
- The Drug Enforcement Administration took 2,875 of this Bitcoin in February and another batch of 59 Bitcoin in May.
- The Bitcoin holdings are believed to be worth $137 million today.
The Investigation’s Uncertainty:
- The exact amount of Bitcoin held by Farace is unclear, as it is believed to have taken place both while in prison and after.
- The US