Bitcoin [BTC] fraudster in Canada asked to forfeit $1.14 million obtained using dark web

2019-4-5 01:30

The hacks and fraudulent activities seem to happen in tandem with the developments and updates from the world of cryptocurrencies. On April 3, Superior Court Justice of Canada Jane Kelly ordered that 281.41 Bitcoin [BTC] worth $1.9 million be forfeited to the Ministry of Attorney General after it was proven that Mathew Phan used the cryptoverse for nefarious purposes. Phan, who was a Canada based drug dealer used Bitcoin to fund his pipeline of drugs and arsenal of guns.

During the verdict, Justice Jane Smith had stated:

“There is overwhelming evidence to suggest that Mr. Phan was using the dark markets to purchase illegal items such as firearms and silencers. It is clear from the evidence found during searches, particularly of his condominium unit, that he was conducting a large sales operation of illegal narcotics.”

She also added:

“It is a reasonable inference to draw that payment for such illegal narcotics sales was made using Bitcoin that was found in the digital wallet on Mr. Phan’s computer using the online marketplaces Evolution and Agora, which are used to buy and sell contraband.”

Mathew Phan was in the news earlier when he defended the court’s allegations by stating that he should be allowed to keep the fortune because he had made it off Bitcoin trading. At the time, the Mathew Phan case was the first Bitcoin seizure crime that had occurred in Canada. Back in December 2018, Phan had admitted to owning illegal substances like cocaine, PCP and ketamine, a supply provided by his stint on the dark web.

The dark web has been a playground for illegal activities for a long time and with the introduction of the cryptocurrencies, it has become even more prevalent. In November 2018, Gal Vallerius aka Oxymonster was sentenced to 20 years in prison for money laundering, conspiracy, and distributing drugs. A statement during the trial said:

“By virtue of the size and scope of the marketplace … it was the intent of the operators and vendors on Dream Market to distribute more than 450 kilos of cocaine, 90 kilos of heroin and 45 kilos of methamphetamine.”

The post Bitcoin [BTC] fraudster in Canada asked to forfeit $1.14 million obtained using dark web appeared first on AMBCrypto.

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million canada → Ðåçóëüòàòîâ: 66


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In Canada, authorities have seized luxury cars and frozen bank accounts owned by the ringleaders of FUEL, an allegedly fraudulent $22-million initial coin offering (ICO) from 2017. Court documents claim “blockchain services company” Vanbex raised $22 million (CAD$30 million) in cryptocurrency and fiat by with absolutely no intention to develop the FUEL token, reports CoinDesk.

2019-4-1 17:04


QuadrigaCX CEO Widow Demands $225,000, Draws Ire of Investors Who Lost $150 Million

Jennifer Robertson, the widow of Gerald Cotten, the CEO of Canada’s biggest crypto exchange QuadrigaCX, has requested for reimbursement of $225,000 in court fees. Robertson, who initially filed an affidavit with the Supreme Court of Nova Scotia to reveal the death of CEO Gerald Cotten and the loss of over $150 million in crypto and cash by QuadrigaCX, reportedly claimed she had spent $225,000 to secure QuadrigaCX protection from creditors.

2019-3-6 19:41


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As Court Reconvenes for QuadrigaCX, Questions Surround Empty Cold Wallets

As QuadrigaCX’s legal counsel descends on the courtroom in Halifax, Nova Scotia, for another round of legal proceedings, the court monitor’s third report on QuadrigaCX’s finances — specifically its revelation that the exchange’s cold wallets are empty — lays out some hopeful avenues for fund recovery — and some frustrating dead ends.

2019-3-5 20:20


QuadrigaCX Wallets Found Empty, Mystery of $150 Million Missing Crypto Deepens

The cold wallets of QuadrigaCX, once the largest crypto exchange of Canada, have reportedly been found to be empty. According to Bloomberg, most of the Bitcoin funds from the exchange’s cold wallets were moved out in April 2018, more than 9 months before QuadrigaCX revealed it had lost $150 million in customer funds after its CEO Gerald Cotten passed away with sole control of the company’s wallets.

2019-3-4 13:21


$150 Million Scandal of Canada’s Biggest Crypto Exchange Sees New Twist in Dead CEO’s 2014 Interview

The recent scandal of QuadrigaCX in which Canada’s biggest cryptocurrency exchange lost $150 million worth of crypto shocked the financial space. It deteriorated the public image of the cryptocurrency sector overnight as analysts condemned the loss of hundreds of millions of dollars following the alleged death of CEO Gerald Cotten who had sole control over the company’s holdings and user funds.

2019-2-17 15:46


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A primer on QuadrigaCX, the curious $134M cryptocurrency mystery

QuadrigaCX, one of Canada’s largest cryptocurrency exchanges, made headlines all over the world after the sudden death of its founder resulted in the loss of $134 million of users’ funds. The news came months after the troubled exchange had been complaining about banking issues, with some users describing problems with fiat and crypto withdrawals.

2019-2-8 18:38


$136 Million in Missing Crypto From QuadrigaCX Could be Gone Forever: WSJ

Canada’s largest digital asset exchange QuadrigaCX has claimed to have lost more than $136 million worth of crypto in cold wallets controlled by its CEO Gerald Cotten. In an official affidavit filed with the Nova Scotia Supreme Court by Jennifer Robertson, the widow of Cotten, Robertson claimed Cotten passed away in India with the sole control over user funds.

2019-2-8 13:16


Movie script scenario: QuadrigaCX CEO might have faked his own death in India

Canada’s largest crypto exchange QuadrigaCX lost more than $190 million worth of user funds and is unable to reimburse its users. As of Jan. 31, 2019, there were roughly 115,000 users with balances signed up on the exchange, with $70 million CAD in fiat and $180 million CAD in crypto owed overall, according to the […] The post Movie script scenario: QuadrigaCX CEO might have faked his own death in India appeared first on CaptainAltcoin.

2019-2-3 16:18


Avoiding QuadrigaCX’s $190 Million Disaster: How Do the World’s Largest Crypto Exchanges Store Funds?

Canada’s largest crypto exchange QuadrigaCX lost more than $190 million worth of user funds and is unable to reimburse its users. As CCN reported on February 1, the founder and CEO of QuadrigaCX passed away in India with sole control over the company’s cold wallets containing more than $150 million in cryptocurrencies like Bitcoin and Ethereum, and $40 million in cash stored with a third party.

2019-2-3 11:48


BlockEQ Stellar-Based (XLM) Crypto Wallet Acquired By Coinsquare For $12 Million CAD

The biggest crypto exchange in Canada, Coinsquare, has acquired BlockEQ. The information was confirmed via the Twitter profile of the company that was bought. Coinsquare has decided to purchase the Stellar wallet, which was the first occasion ever that the Canadian blockchain company has used cash to buy out a smaller company in the blockchain […]

2018-12-7 17:54


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