UK Authorities Seize Monero (XMR) Altcoin from Drug Dealer in First-of-Its-Kind Sale

Cryptocurrencies, which have been on the agenda recently with Germany's Bitcoin sales, have come to the fore in the UK this time with a different altcoin.

The UK authorities have confiscated Monero (XMR) from a drug dealer who was selling deadly “weight loss pills” and recorded the first-ever XMR sale in the country.

The authorities have seized the criminally acquired cryptocurrency Monero (XMR) from a drug dealer who was selling deadly “weight loss pills” in the UK. This marks the first time that XMR has been sold in the country.

The incident has raised concerns about the need for tighter cryptocurrency regulations, highlighting the risk of cryptocurrencies being used for money laundering and other illegal activities.

According to the details of the incident, a 28-year-old British citizen named Jack Edward Finney benefited from Monero while selling DNP, an illegal drug pill. The UK Home Office later classified DNP as a poison.

Commenting on the XMR seizure, Adrian Foster, Chief Prosecutor for the Crown Prosecution Service (CPS), said:

“This is the first case where we have realised Monero currency into cash. It shows that criminals cannot stash their money in any cryptocurrency and hope to keep it safe from the authorities.”

Andrew Quinn, Head of the FSA’s National Food Crime Unit, said: “We welcome the court’s decision to force Jack Finney to hand over the £23,000 he earned by selling lethal substances on the dark web. Whatever format the money is in, we will find and confiscate it.”

The confiscated XMRs were converted into British pounds by the UK authorities, and the sale was reportedly made through an undisclosed “cryptocurrency trading platform.”

What Is Monero, Which Is Being Delisted from Exchanges?

Monero is one of the largest privacy tokens, which conceals the addresses and transactions of individuals within its network. As a result, it has become a popular token for people to use when they don't want their illegal activities to be monitored.

Since Monero is a privacy-oriented cryptocurrency, it cannot be tracked or traced, making it a preferred medium for criminals to conduct transactions on the dark web.

In a related development, Binance, one of the world's largest cryptocurrency exchanges, announced on February 20, 2024, that Monero (XMR) was among the four altcoins to be delisted from the platform.

This delisting move came as an indication that Monero was being frequently used for illicit activities.

The incident in England once again highlights the risk of cryptocurrencies being used for money laundering and other illegal activities, sparking concerns that the authorities need to ramp up their efforts to combat such practices and tighten cryptocurrency regulations.

Finney was sentenced to prison for both money laundering and drug dealing, and the proceeds from the confiscated Moneros were ordered to be donated to charity, concluding the incident and underscoring the need for stricter regulations and controls to prevent cryptocurrencies from being used for illicit activities.

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