Bitcoin seized in a fraud investigation by the U.S. Department of Justice (DOJ)’s Northern District of Ohio returned $19.2 million when sold, The Blade reported.
- The crypto was seized from Mark Simon, an Ohio man arrested and convicted for producing and selling false identification documents, such as driver's licenses.
- Simon's clients paid for the documents in bitcoin.
- An initial indictment of Simon and his alleged accomplices in March 2018 stated that prosecutors were seeking to forfeit 500 BTC, worth an estimated $5.1 million at the time.
- The bitcoin was worth around $2.9 million when surrendered to the federal government in 2019, The Blade said.
- The bitcoin were sold for more than $19 million, the report said, citing Acting U.S. Attorney Bridget Brennan.
- It was the largest net forfeiture in Northern District of Ohio's history, she said Thursday.
- Simon pleaded guilty. He was sentenced to 24 months in prison and agreed to the forfeiture of the crypto.
Disclosure
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.