Canada Seizes $1.4 Million Bitcoin Holdings in Reportedly Largest Ever Forfeiture

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A Toronto judge has ruled an online drug dealer must pay his entire $1.4 million Bitcoin (BTC) holdings to the state in what is reportedly Canada’s largest ever forfeiture, local daily news outlet The Star reported April 3.Matthew Phan, who dealt in illegal narcotics online, had tried to convince law enforcement he had amassed his 281.41 BTC (worth around $1.4 million at press time) through other activities.The court had sought to claim the stash in February, with Phan appealing against the demands, a process he has now appeared to lose.According to The Star, Superior Court Justice Jane Kelly said Phan had failed to convince her that the funds had materialized as a result of legal operations such as trading on cryptocurrency exchanges.“It is a reasonable inference to draw that payment for such illegal narcotics sales was made using Bitcoin that was found in the digital wallet on Mr. Phan’s computer,”…

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