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Canada Settles Its Largest Ever Forfeiture of $1.4m BTC

By | April 6, 2019
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Canada Settles Its Largest Ever Forfeiture of $1.4m BTC

A Toronto judge has made the final decision on possibly Canada’s largest ever forfeiture, which is $1.4 million worth of Bitcoin (BTC) from online drug dealing.

Reported by Canadian news outlet The Star on April 3, the dealer, Matthew Phan, previously appealed against the allegation of narcotics trading, saying he accumulated 281.41 BTC by other means. The court had since traced back on Phan’s online activities to annul such claim.

Superior Court Justice Jane Kelly maintained that expert evidence from Phan’s digital wallet transaction history held strongly against him, specifically in that he used the money to import narcotics bought from the dark web.

“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,” Kelly said, emphasizing her reasons.

The stash will now belong to the state; however, Phan has yet to be sentenced.

Meanwhile, The Supreme Court of British Columbia in Canada has begun taking action against the two founders of blockchain consultancy lab Vanbex as part of a lawsuit over allegedly defrauding investors of more than CAD 30 million (USD 22.5 million) in an initial coin offering, reported by The Crypto Sight on June 4.

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