Cryptocurrency, which has been making headlines recently with the German Bitcoin sale, is now making headlines in the UK with another altcoin. Authorities have seized criminally obtained altcoin project Monero (XMR) from a drug dealer selling deadly “weight loss pills.” This marks the first ever XMR sale in the UK. More details below…
UK privacy-focused altcoin project sells to XMR
In one UK case, authorities seized criminally obtained cryptocurrency Monero (XMR) from a drug dealer who was selling deadly “weight loss pills.” This made history as the first XMR seizure in the UK. The case raised concerns about the need for stronger cryptocurrency regulation and once again raised the risk that cryptocurrencies could be used for money laundering and other illegal activities. According to the case, a 28-year-old British man named Jack Edward Finney was profiting from Monero while selling DNP, an illegal drug pill that has since been classified as a poison by the UK Home Office. Adrian Foster, Chief Prosecutor of the Crown Prosecution Service (CPS), made the following statement regarding the XMR seizure:
This is the first known instance of Monero being converted into cash, demonstrating that criminals cannot hide their funds in any cryptocurrency to keep them safe from authorities.
Andrew Quinn, head of the FSA's National Food Crime Unit, said: “We welcome the court's decision to order Jack Finney to hand over the £23,000 he made selling deadly substances on the dark web. Whatever form that money takes, we will find it and seize it.” The seized XMR was converted into British pounds by UK authorities. The sale took place through a private “cryptocurrency trading platform.”
What is Monero, which has been delisted from exchanges?
Monero is one of the largest privacy tokens that hides the addresses and transactions of people in the network, which makes it a popular token for those who don't want to be monitored for illegal activities. Monero is a privacy-focused cryptocurrency, meaning it cannot be tracked or traced, which is why it is widely used by criminals who transact on the dark web.
Binance, one of the world's largest cryptocurrency exchanges, announced that it would delist Monero (XMR) along with three other altcoins on February 20, 2024. The delisting was interpreted as an indication that Monero was frequently used for illegal activities. The incident in the UK once again highlighted the risk of cryptocurrencies being used for illegal activities such as money laundering. There are growing concerns that authorities need to step up their fight against such activities and strengthen cryptocurrency regulation.
Jack Edward Finney was sentenced to prison for money laundering and drug trafficking. The seized Monero proceeds were publicly donated to charity. The case highlights the need for stricter regulation and control to prevent cryptocurrencies from being used for illegal activities. Authorities continue to strengthen cooperation with cryptocurrency platforms to develop new ways to reduce the risk of money laundering.
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