A Silk Highway dealer pleaded responsible to laundering over $19 million price of income with Bitcoin BTC after utilizing the infamous market to promote medicine.

Hugh Brian Haney, who pleaded guilty in Manhattan federal courtroom earlier this week, was discovered to be a high-ranking member of Pharmville — a distinguished narcotics vendor on the darkish internet — after legislation enforcement searched his house in Ohio final yr.

Moreover, brokers discovered a pc that housed a doc entitled “HBD every day to-do record,” which referred to Pharmville.

In 2017 and 2018, Haney despatched his Bitcoin earnings from an handle related to Silk Highway, to an account he had with a cryptocurrency alternate.

In correspondence with the alternate, Haney claimed he had legitimately earned Bitcoin by means of mining and buying and selling, but it surely truly derived from his exercise on Silk Highway.

U.S. Legal professional Geoffrey S. Berman stated:  “Hugh Haney used Silk Highway as a way to promote medicine to individuals all around the world.  Then he laundered greater than $19 million in income by means of cryptocurrency. Peddling medicine on the Darkish Internet doesn’t present anonymity without end, as Hugh Haney can attest.”

Cryptocurrency, medicine, and the darkish internet

Haney is actually not the primary drug seller to have been caught after conducting his illicit operations on the darkish internet.

Again in April, a Canadian decide confiscated $1.4M in Bitcoin from a darkish internet drug seller. Extra not too long ago, a decide in Texas sentenced an Iraqi man to 30 years behind bars after he bought a number of narcotics in alternate for cryptocurrency on the darkish internet.

Additionally in October, a father and daughter acquired a mixed jail sentence of eight years after promoting medicine in alternate for Bitcoin on the darkish internet.

The proliferation of cryptocurrency-fueled exercise on the hidden web shouldn’t come as a shock to anybody.

What’s fascinating is {that a} latest research by Europol stated Bitcoin was nonetheless the darkish internet‘s favourite cryptocurrency — however these seeking to cowl their tracks have been slowly attending to grips with utilizing privacy-focused options.

Revealed November 8, 2019 — 11:02 UTC

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