Is Money Laundering Legal for the Feds?
Wikipedia defines Money laundering as the process in which the proceeds of crime are transformed into ostensibly legitimate money or other assets.
Examples of money laundering would be drug money collections that are invested in to legal businesses which turns a profit legally and makes those money legit.
Now, knowing these facts, just made me wonder. Isn’t it ironic that the US DOJ is auctioning dirty bitcoin (proceeds of crime) to receive cash through auction(legitimate money)?
The U.S. Department of Justice has begun an auction of 50,000 bitcoins seized from Ross Ulbricht, the man accused of operating the Silk Road drug marketplace online. The auction will run for two weeks.
The total value of the bitcoins (BTC) is about $19.2 million, according to Coindesk’s average market prices on Monday evening. The auction’s winner will be revealed on Dec. 5, the U.S. Marshals Service said.
This is the second auction of bitcoins seized from Ulbricht, also allegedly known as “Dread Pirate Roberts.” Ulbricht is being tried for crimes as the kingpin of a secret “dark web” site often used to peddle drugs. The website consisted of roughly 70 percent of the Silk Road’s listings, along with weapons and a number of other things.
So are the Feds or the Marshalls exempt from Money Laundering? Let me know your thoughts below.