Silk Road Drug Dealer Caught Reportedly Trying to Wash $19 Million Bitcoin

US Department of Homeland Security claimed that a man was arrested on July 18 for trying to wash up the $19 million bitcoin obtained on the Silk Road drug market. Haney faces reports of illegal bitcoin transactions.

Department of Homeland Security confirmed that Haney transferred the stolen funds to an unidentified cryptocurrency exchange. Haney claimed that a lot of bitcoin comes from bitcoin mining. On the other hand, the US Department of Homeland Security claimed they have evidence to track the Silk Road trade in the Bitcoin blockchain. Once the bitcoin obtained between 2012 and 2013 became cash, US Department of Homeland Security officials said they had seized the money.

The Silk Road is one of the most popular dark markets for drugs and other illegal items. In 2013, it was closed by the FBI and its founder was later sentenced to life imprisonment. In its 2.5-year life cycle, it is reported that there are more than 100,000 customers.

Silk Road has been around for a long time. The Dark Net is also a popular place for illegal Bitcoin transactions. According to Chainalysis, more than $600 million in bitcoin flowed into the dark network in 2018.

At the same time, the amount of bitcoin used for illegal activities has decreased sharply from nearly 7% in 2012 to a fraction of the current level compared to legal bitcoin.

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