Federal authorities seize Bitcoins for what may be the first time

Bitcoin has existed as an all-digital alternative to conventional currency for some time now, and it has garnered a reputation as the premier currency for illegal dealings. While not without a 'paper trail', tracking transactions through the currency is considered significantly harder than with cold hard cash.

In Charleston, South Carolina, a change has occurred that could upset this use; federal authorities seized 11.02 Bitcoins due to alleged drug charges. The value of Bitcoins is hard to pin down due to constant fluctuation. At the time of writing, 11.02 Bitcoins is the equivalent of 814USD.

An Eric Daniel Hughes was arrested in connection with violation of the Controlled Substances Act, though little else is known. What is known, however, is that Hughes has had his apartment raided before. Among other things, Suboxone and Clozepam were found, while Hughes seemingly sold marijuana to undercover officers.

Adam Levine of Let's Talk Bitcoin has stated the following:

“This is the first time something like this has happened with Bitcoin, and the interesting subtext is: We don't have any idea just how involved the DEA is with Bitcoins.”

Shady transactions through Bitcoin are, unsurprisingly, not conducted via conventional websites. Instead, most of the time it is done through the 'Dark Internet', or 'darkweb'. The most well known vendor in this dark web is the Silk Road, which has been thoroughly investigated by numerous people.

Source: Post & Courier

Previous Story
Microsoft releases first Windows 8 apps for Dynamics AX 2012
Next Story
Nokia Amber update to bring Bluetooth 4.0 to Lumia 720, 620 and 520