The British government sells stolen Monero money for the first time! All XMR of man's illegal gains confiscated

This site (120BTC.coM): Jack Finney, a British man, was sentenced on December 21, 2021 for selling illegal drugs. The court ruled that he must repay the 23,000 pounds he earned from the crime, otherwise his sentence will expire Will be extended for 8 months. The assets he was forced to pay back included a certain amount of Monero, a car sold for £6,240, and £1,775 in cash.

The first case of Monero sales in the UK

About 3 years later, on July 10, these Monero coins were sold by the Food Standards Agency (FSA) for £15,000, which was prosecuted by the Crown Prosecution Service (CPS) The first sale of Monero in the case.

Monero is a privacy coin, unlike most blockchains, transaction information cannot be seen on the Monero network. For example, on Ethereum, if you have someone’s wallet address, you can easily see funds coming in and out.

However, on the Monero network, this type of transaction information is hidden, making transactions completely untraceable. This highly privacy-protecting feature of Monero has caused it to face strict regulatory pressure around the world, and many exchanges have chosen to delist such privacy coins in order to avoid regulatory issues.

Pleaded guilty to eight counts of selling dangerous weight loss drugs

According to a CPS press release, Finney illegally sold drugs including Viagra, 2,4-dinitrophenol (DNP) and anabolic steroids (a Class C controlled substance). In particular, 2,4-dinitrophenol (DNP) is a dangerous weight loss drug that poses a serious threat to human health and has so far caused the deaths of at least 33 people in the UK.

Finney pleaded guilty to eight charges on November 23, 2021, and was sentenced to 28 months in prison on December 21. The judge also invoked the Proceeds of Crime Act 2002 to order Finney to repay the proceeds of crime and the Monroe he paid The coins were initially seized by the UK's Cheshire Police Department's Cyber ​​Crime Team.

Regarding this case, CPS chief prosecutor Adrian Foster said: This is the first case where we have converted Monero into cash. This shows that criminals cannot hide funds in any cryptocurrency in the hope of evading authorities. If he makes more money, we will continue to pursue his remaining funds, this is not the end of our pursuit of his dirty money.

Andrew Quinn, head of the UK Food Crime Unit, also said that no matter what format the currency is in, we will find it and confiscate it. Express a firm attitude towards the confiscation of illegal gains.

In April this year, British police were given greater powers to seize cryptocurrencies. Part of this includes the ability to “burn” crypto assets if returning them to circulation is not in the public interest. But in this case, XMR was not "burned", but was put back into circulation through "sale".

The above is the detailed content of The British government sells stolen Monero money for the first time! All XMR of man's illegal gains confiscated. For more information, please follow other related articles on the PHP Chinese website!