US DoJ seizes $54M in crypto from drug dealers, more here Ou | Crypto Push

US DoJ seizes $54M in crypto from drug dealers, more here

Our forfeiture action of $54 million should serve as a lesson to those who mistakenly believe we can’t trace their illicit behavior or their ill-gotten proceeds.

Crypto usage in illicit drug trafficking
Blockchain analytics firm TRM Labs published a report in June 2023, detailing crypto usage among illicit actors including drug traffickers.

So, what does the US government do with seized crypto?
It is commonly understood that the U.S. Marshals Service auctions seized crypto assets for fiat currency. The funds are typically transferred to victims or forfeited to government treasuries. So far, the US government has sold Bitcoin worth $366 million.