Bitcoin Seizure Makes 300% Profit for NJ Prosecutors – NBC New York

One New Jersey county is within the bitcoin enterprise — and making large earnings — years after seizing the cryptocurrency from convicted criminals.

The prosecutor’s workplace in Monmouth County introduced the forfeiture and liquidation of bitcoin belongings initially seized again in 2018. Valued round $57,000 on the time, the workplace stated on Monday the worth of the bitcoin had almost tripled to $198,000.

Authorities netted the cryptocurrency throughout a 2018 unlawful narcotics distribution bust in Long Branch. The bitcoin was frozen and seized by officers after it was decided to be earnings secured from unlawful drug gross sales, the workplace stated.

“The Monmouth County Prosecutor’s Office leads from the entrance on modern legislation
enforcement methods and practices obligatory within the rising new crypto world,” Prosecutor Christopher Gramiccioni stated.

The Monmouth workplace stated a forfeiture grievance was filed in 2019 following the suspect’s responsible plea and sentencing on a number of drug prices.

“This will function an efficient template for the state legislation enforcement companies within the cryptocurrency market – a spot the place we will count on proceeds from crimes to proceed to be hid,” Gramiccioni stated.

The workplace’s first cryptocurrency seizure, which has not but been liquidated, was one yr earlier, in 2017.

Dubbed “Operation Plastic Army,” authorities busted 16 individuals for defrauding over a dozen monetary establishments. Cryptocurrency belongings valued at greater than $200,000 have been seized from a Colts Neck man on the time, and are actually valued at greater than $1.25 million.

Federal prosecutors in New Jersey introduced in latest weeks the responsible plea of a Monmouth County man accused of operating an illegal bitcoin exchange, and a Camden County man’s alleged try and pay a hitman $200,000 in bitcoin to homicide a 14-year-old.

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