Law enforcement in Florida confiscated nearly $34 million in cryptocurrency in what was described as “one of the largest cryptocurrency forfeiture actions ever filed by the United States.”
Officials identified a South Florida resident who had raked in millions by selling over 100,000 “illicit items and hacked online account information” on dark web marketplaces, according to the U.S. government’s civil forfeiture complaint.
This unnamed person sold hacked account information for popular services such as HBO Max, Netflix, and Uber, according to the Department of Justice’s press release.
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The Floridian also attempted to remain anonymous to launder holdings by using crypto tumblers, a service that obscures the identifying information, officials said. Crypto tumblers pool multiple transactions together before randomly sending the cryptocurrency to digital wallets in random quantities at random times.
Multiple crypto wallets were seized in connection to this illegal activity, federal authorities said.
The seizure was a result of Operation TORnado, a partnership orchestrated by the Organized Crime Drug Enforcement Task Forces. It was an operation that utilized federal, state, and local law enforcement agencies.
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Crypto-related crime has been on the rise. Hackers reportedly stole $700 million in cryptocurrency in the first three months of 2022, a significant increase year-over-year.
Law enforcement has taken action in response to the spike. The FBI announced in February that it was forming a “virtual asset exploitation” unit to help handle cases involving cryptocurrency and the blockchain.
