US Government Seizes $34 Million in Crypto Linked to Illicit Dark Web Activities

Quick take:

• Federal prosecutors of Florida seized $34 million in cryptocurrency tied to illegal dark web activities.
• The seizure is considered one of the largest ever filed in the US.
• The action was carried out by the special team Operation TORnado.

In what is considered one of the largest subjugations, the US federal prosecutors seized $34 million in cryptocurrency. The task force of Florida carried out the forfeiture as the cryptocurrency seized was linked with illegal dark web activities.

Swift actions by the US government

The enforcement team identified a South Florida resident as part of a civil forfeiture complaint. The culprit was making millions using an alias by selling illicit items and hacked account information. He was selling them on some of the largest dark web marketplaces.

The accused utilized TOR(The Onion Router) to hide his IP and sell account information of services like HBO, Netflix, and Uber.

The accused used a technique called chain chopping to launder cryptocurrencies. He used tumblers and illegal money transmitter services to carry out his activities. A tumbler is a tool used for pooling different crypto transactions. The dark web mixing service then distributes the crypto to a dedicated crypto wallet at random times and in increments.

Special Operation TORnado

The investigation and arrest were handled by Operation TORnado - a joint investigation operation focusing on identifying and dismantling drug traffickers, money launderers, and other criminal organizations.

The US government has recently deployed a dedicated team for various illicit activities. The team will have experts in the field to ensure that the culprits are caught and to stop further incidents from recurring.