TLDR
- UK authorities sold £15,000 worth of Monero tokens seized from a convicted drug dealer
- Jack Edward Finney was forced to hand over £23,000 in total, including the Monero
- This is the first case in the UK where Monero cryptocurrency was converted to cash
- Monero is a privacy coin that’s difficult to track, making it popular on the dark web
- Finney was convicted of selling dangerous weight loss drugs and other illegal substances
The UK, authorities have successfully converted seized Monero cryptocurrency into cash. The case involves Jack Edward Finney, a 28-year-old British man convicted of selling illegal drugs on the dark web.
Finney was ordered to pay back £23,000 ($29,700) of his criminal proceeds. This amount included £15,000 ($19,350) worth of Monero tokens, which were sold by the Food Standards Agency (FSA). The remaining sum came from the sale of Finney’s Suzuki Vitara SUV and cash.
Monero is a cryptocurrency known for its privacy features. Unlike Bitcoin or Ethereum, Monero hides transaction details and user addresses. This makes it a popular choice for dark web transactions but also creates challenges for law enforcement.
Detective Sergeant David MacFarlane from Cheshire Police’s Cyber Crime Unit said, “The Cheshire Cyber Crime Unit conducted the initial seizure of the cryptocurrency. This posed several challenges due to the particular type of cryptocurrency; however, these were overcome.”
Finney was convicted in December 2021 for selling various illegal substances, including Viagra, anabolic steroids, and 2,4-Dinitrophenol (DNP). DNP, marketed as a weight loss drug, is highly toxic and has been linked to at least 33 deaths in the UK.
The case highlights the growing role of cryptocurrencies in illegal activities and the efforts of law enforcement to adapt. Adrian Foster, Chief Crown Prosecutor, stated, “This shows that criminals cannot hide their money in any cryptocurrencies in the hope it will be safe from the authorities.”
Interestingly, the Monero tokens were not seized through hacking or by working with exchanges. Instead, Finney transferred them to investigators due to a confiscation order. He faced an additional eight months in prison if he failed to pay the full amount.
The total criminal benefit from Finney’s activities was determined to be £180,894. While he’s only paid back £23,000 so far, authorities can pursue the remaining amount if Finney comes into more money in the future.
This case comes as the UK government has granted police greater powers to seize cryptocurrency. In April, new rules were introduced allowing authorities to “destroy” crypto assets if “returning it to circulation is not conducive to the public good.”
The sale of the Monero tokens took place nearly three years after Finney’s initial sentencing. The delay highlights the complexities involved in dealing with privacy-focused cryptocurrencies like Monero.
Andrew Quinn, Head of the FSA’s National Food Crime Unit, commented on the case: “No matter what format currency is in, we will find it and confiscate it.”
