Bitcoin Seized from Convict Sold By U.S. Officials for $16M Profit
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Bitcoin Seized from Convict Sold By U.S. Officials for $16M Profit

10 months ago

The 500 BTC was surrendered in 2019 and was said to be worth about $2.9 million at the time.

Bitcoin Seized from Convict Sold By U.S. Officials for $16M Profit

Bitcoin seized following a fraud investigation has been sold for a massive profit.

The 500 BTC was surrendered in 2019 and was said to be worth about $2.9 million at the time.

But according to The Toledo Blade, the crypto stash was valued at an eye-watering $19.2 million when it was sold — clocking more than $16 million in profit.

The newspaper reports that it’s the largest net forfeiture in the history of the U.S. Northern District of Ohio.

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Mark Alex Simon had surrendered the cryptocurrency as part of a guilty plea.

He was convicted of producing and distributing fake driver’s licenses and ID cards.

Customers who used his website would pay for the forged documents using Bitcoin.

Simon was sentenced to 24 months in federal prison for his role in the scheme.

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