Empire Market Co-Founder Sentenced to 40 Years, Agrees to Forfeit Approximately 1,230 Bitcoin

Odaily News: Raheim Hamilton, co-founder of darknet marketplace Empire Market, was sentenced to 40 years in federal prison on October 5 in Chicago and fined $5 million. His plea agreement covers approximately 1,230 Bitcoin, 24.4 Ether, and 3 properties in Virginia.

Empire Market operated from 2018 to 2020, facilitating over 4 million transactions between buyers and sellers, with transaction values exceeding $430 million. Investigators seized $75 million worth of digital assets, cash, and precious metals in the case.

The U.S. Department of Justice (DOJ) stated that the platform required buyers and sellers to use only cryptocurrency for transactions and encouraged the use of mixing services and encrypted communications. Buyers could also rate sellers on how well they concealed drug packages, with drug sales involved in the case approaching $375 million. (Bitcoin.com News)