Feds seek suspected dealer's bitcoins after 60 pound pill bust
The 'Feds' are after a suspects cryptocurrency, after law enforcement members say he was busted, selling about 60 pounds of pills through the mail.
Court documents show $17,400, 6.19 bitcoins and 6.23 bitcoin cash were confiscated from Henry Nguyen's St. Clair County home during a federal search and seizure warrant.
Bitcoins market value is at about $6,000 each right now and Bitcoin Cash is about $500.
Without a password or warrant, they cannot be taken out of the account. So, the feds have filed a complaint for forfeiture.
Also seized from another home, materials and drugs used in a massive drug manufacturing operation.
Just days before the raid, court documents state Nguyen was observed by authorities dropping off 60 pounds of Alprazolam (also known as Xanax) tablets at the post office for shipment.
Now Nguyen's attorney Mike Hanle says the federal government is coming after that cash and coin before federal criminal charges are even filed.
"Asset seizure is a huge problem in this country, because the laws are so loosely written, it allows law enforcement to seize an asset prior to conviction , prior to a trial and initiate forfeiture proceedings against that asset," said Hanle.
ABC 33/40 reached out to the U.S. Attorneys Office about the process of gaining access to bitcoins in cases such as this but didn't hear back by the time the story aired.