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Dark Web Drug Dealer Laundered $137 Million Worth of Bitcoin

Dark Web Drug Dealer Laundered $137 Million Worth of Bitcoin
  • Farace, a notorious drug dealer, imprisoned for selling Xanax.
  • Nicknamed Xanaxman, he allegedly laundered 2,933 Bitcoin while in prison.
  • This Bitcoin amounts to $137 million today.

Ryan Farace or “Xanaxman” is infamous for selling a strong form of Xanax, Alprazolam on dark web markets. The federal court of Maryland imprisoned him for this.

In 2018, the court ordered Farace to surrender 4,000 Bitcoin that he earned while selling these drugs. Before, this was only worth $16,800. But today, this much Bitcoin already costs around $187.2 million. With this, the court told Farace to give up his land property and $5.6 million in cash.

However, Farace continued laundering money while serving his 57-month prison sentence.

According to the charge, Farace’s father, Joseph Farace, has helped in his crime. They laundered drug earnings between October 2019 and April 2021.

Consequently, the Drug Enforcement Administration took 2,875 of this Bitcoin in February and another batch of 59 Bitcoin in May. In total, this is worth $137 million today.

Moreover, it is unclear if these Bitcoin holdings took place even before his prison service. Relatively, while in prison or not, it is clear that this amount of Bitcoin is surprising.

Truthfully, getting information about the dark web is not easy, especially the use of crypto on the dark web. The US government forces these marketplaces to shut down and auctions the Bitcoin they seize.

And Farace’s Bitcoin is yet to hit the market as well.

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Cho Amisola is a passionate writer for both creative writing and digital publishing. She’s been featured and published in both areas and is now focusing on blockchain news.