UK Dark Web Dealer Surrenders $340 Million in Bitcoin Under Plea Deal

Published: Jan 26, 2024
Written By:
Vignesh Karunanidhi
Milk Road Writer

A British resident has agreed to forfeit over $340 million worth of Bitcoin (8,100+ BTC) as part of a plea agreement related to selling illegal drugs via dark web marketplaces.

U.S. authorities stated the voluntary surrender likely comprises the Drug Enforcement Agency’s biggest ever cryptocurrency seizure, according to a recent report by The Washington Post.

Key Facts:

  • Defendent has operated since 2012 on dark web sites.
  • Shipped heroin, fentanyl, and other drugs to U.S. buyers.
  • Customers paid in Bitcoin and other methods.
  • Arrested in the UK in 2019, extradited to Ohio in 2023.
  • The plea deal will see 8 years of prison time.
  • Bitcoin hoard amassed from dealings worth $340 million presently.

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Singh was indicted in Ohio in 2018

Banmeet Singh, 40, was initially indicted in Ohio over the alleged drug conspiracy spanning 2012 to 2017. Customers across American cities bought substances like heroin, cocaine, and Xanax through dark web using mail order deliveries and paid Singh in Bitcoin or other means.

Singh was finally extradited to the U.S. in March 2023 from the U.K., where he resided while purportedly operating the dark web illicit pharmacy.

After charges for money laundering and a controlled substance distribution conspiracy, Singh agreed to surrender his mammoth Bitcoin stockpile. The BTC stash was valued at $150 million at the time of the seizure. However, the price has risen to over $340 million currently.

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While Singh was one of eight people prosecuted in relation to the years-long ring, the enormous crypto forfeiture stands apart. The U.S. Attorney’s Office stated that 8,100+ Bitcoin is definitively the largest cryptocurrency seizure by value that the DEA has conducted in its history. Singh is likely facing 8 years in prison, but the final sentence still needs the judge’s approval.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Vignesh Karunanidhi
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.