Canadian court confiscates $1.4M worth of bitcoin tied to drug dealing operation

A Canadian court has confiscated approximately CAD $1.9 million (USD $1.4 million) in bitcoin (281.41 bitcoin) belonging to convicted online drug dealer Matthew Phan, the Star reports. Superior Court Justice Jane Kelly ordered the crypto assets should be forfeited to the Ministry of the Attorney General.

According to the report, there is evidence Phan previously used bitcoin to acquire illegal firearms and drugs on the dark web. In December, Phan pleaded guilty to attempting to import a gun and possessing narcotics, including cocaine, PCP and ketamine, which he planned on distributing.

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