Feds sell seized Bitcoin for $ 19 million from 2018 – regulation Bitcoin News

The US sold about 500 seized bitcoins for about $ 19.2 million in 2018. This was reportedly the largest net loss in the history of the Northern District of Ohio.

  • Federal agencies in the US state of Ohio sold seized bitcoins in a fraud case in 2018.
  • The confiscated bitcoins were sold for nearly $ 19.23 million, incumbent US prosecutor Bridget M. Brennan said on Thursday. The coins seized during the investigation were initially valued at around $ 2.88 million. This was reportedly the largest net loss in the history of the Northern District of Ohio. The authorities did not say how and where the coins were sold.
  • The case involved a 37-year-old man from the Toledo area, Mark Alex Simon, who was creating false identity papers for residents of Ohio, Michigan and Utah. Documents included driver’s licenses and ID cards. He was paid with Bitcoin.
  • Simon pleaded guilty to the money laundering conspiracy and the submission of false identification documents in June 2019. He was sentenced to two years in prison.
  • Prior to this case, Simon was investigated by the police in 2008 for forged ID cards, but was never charged.

  • In 2015, authorities traced fake IDs found in a bar near Wittenberg University to a website set up by Simon. Court documents indicate that after months of investigations, the police were able to link the forged cards to Simon and others who work with him.
  • Authorities raided Simon’s home in Toledo, as well as the homes of others linked to the case. They confiscated more than 500 bitcoins from Simon through forfeiture procedures.
  • In cases of confiscation, the proceeds are shared between the federal authorities involved in the investigation and the local police forces and used to compensate any crime victim. The remaining money will be returned to the US Treasury Department.

What do you think of the Fed selling confiscated bitcoins? Let us know in the comment section below.

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