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June 28, 2018 12:10 am

Feds Ran a Bitcoin-Laundering Sting For Over a Year

More than 40 alleged dark-web drug dealers have been arrested as part of a sweeping federal effort by the Department of Justice as "the first national undercover operation targeting dark net vendors." The Verge reports: The core of the operation was an online money-laundering business seized by agents from Homeland Security Investigations and operated as a sting for over a year. By offering cash for bitcoin, HSI agents were able to identify specific drug dealers, ultimately tracing more than $20 million in drug-linked cryptocurrency transactions. The hijacked money-laundering service was offered across a number of different marketplaces, with agents claiming at least some presence on AlphaBay, Dream Market, Wall Street, and others. So far, prosecutions have been launched across 19 states as a result of the operation, seizing more than $3.6 million in cash. The same raids seized large quantities of Schedule IV pharmaceuticals -- including 100,000 tramadol pills and over 24 kilograms of Xanax -- as is typical of trade on dark net markets. Agents also recovered more than 300 models of liquid synthetic opioids and roughly 100 grams of fentanyl. Further investigations are still ongoing.

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