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Bitcoin Seized by Ohio DOJ Sold for More Than $19M: Report
The haul was worth around $2.9 million when forfeited in 2019.
Updated Sep 14, 2021, 1:20 p.m. Published Jul 5, 2021, 10:09 a.m. 1 min read
Bitcoin seized in a fraud investigation by the U.S. Department of Justice (DOJ)'s Northern District of Ohio returned $19.2 million when sold, The Blade reported.
- The crypto was seized from Mark Simon, an Ohio man arrested and convicted for producing and selling false identification documents, such as driver's licenses.
- Simon's clients paid for the documents in bitcoin.
- An initial indictment of Simon and his alleged accomplices in March 2018 stated prosecutors wanted Simon to forfeit 500 BTC, worth an estimated $5.1 million at the time.
- The bitcoin was worth around $2.9 million when surrendered to the federal government in 2019, The Blade said.
- The bitcoin were sold for more than $19 million, the report said, citing Acting U.S. Attorney Bridget Brennan.
- It was the largest net forfeiture in Northern District of Ohio's history, she said Thursday.
- Simon pleaded guilty. He was sentenced to 24 months in prison and agreed to the forfeiture of the crypto.
Read more: US Government to Auction Off Seized Litecoin Alongside Bitcoin
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- U.S. stocks and oil rallied, with the S&P 500 logging a ninth straight weekly gain and Brent crude hovering near $92 a barrel on hopes for a U.S.-Iran ceasefire extension.
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