US federal law enforcement has confiscated $54 million in cryptocurrency from a convicted drug trafficker’s digital wallets, thwarting his plans to take the funds offshore.
The seized funds belonged to Christopher Castelluzzo, a notorious New Jersey drug ring leader.
US Attorney Philip R. Sellinger disclosed that the crypto wallets held the laundered proceeds from the drug operations run by Castelluzzo and his associates between 2010 and 2015.
FBI Newark Special Agent James E. Dennehy warned that this forfeiture action should serve as a lesson to criminals who mistakenly believe their illicit activities and ill-gotten gains can’t be traced.
The drug ring initially invested $9,000 in Ethereum (ETH), which later ballooned to approximately $53 million. The stash also included other cryptocurrencies such as Solana (SOL), Cardano (ADA), and Bitcoin (BTC).
While serving a 20-year prison term, Castelluzzo was caught discussing his plans to avoid taxes and liquidate his crypto holdings outside the US.
He was also recorded discussing potential offshore locations for his crypto fortune, including the Bahamas, Malta, Ireland, and Latin America.
Read Now: Victor Wembanyama’s NBA NFT fetches record-breaking $110,000